NEWS: Canada banks say ‘too much paperwork’ makes it harder to tackle financial crime

By PAUL O’DONOGHUE, Senior Correspondent

CANADA’S banks are urging the federal government to simplify AML reporting, arguing that excessive paperwork makes it harder to detect genuine financial crime.

The Canadian Bankers Association (CBA) said banks spend large amounts of time completing suspicious transaction reports (STRs) for FINTRAC, the country’s FIU. Some reports require up to 500 fields of information.

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