Reporting and financial transactions are essential to running an organization. They assist companies in complying with regulatory requirements and laws. Public companies, for instance, are required to submit reports to governing bodies such as the Securities Exchange Commission to prove that they are adhering to the rules of financial accounting. They also submit tax returns to their tax authority to show that they conform to the tax laws of corporations.
Reporting can help businesses identify cash outflows and inflows to allow it to plan for the future and anticipate opportunities or threats. Finance teams also have the responsibility to inform the company about the potential risks and issues. This includes helping businesses understand the significance of cash flow and how it is monitored.
A crucial aspect of good financial reporting is having clear descriptions of each transaction. This is particularly important when creating documents such as cash statements, deposit modifications, requisitions and order orders, bills, and travel expense reports. A well-written description will be able to tease out the particular purchase so that it can be distinguished from other ledger entries in regular ledgers and Finance Mart reports.
FINTRAC uses financial intelligence obtained from the public to monitor and spot suspicious activities such as money laundering and terrorist financing. The agency identifies patterns and trends by analyzing reports from credit unions, banks business that deal in money services, casinos, in addition to data from other sources.
FINTRAC’s purpose is to protect the Canadian economy and society from the proceeds of criminal activity. To do this, it works with companies and law enforcement partners to stop money laundering and terrorist financing by detecting patterns of suspicious activity and sharing intelligence with the various stakeholders.
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