FINTRAC raised some frowns last month when it fined the country's two largest banks a total of 9 million Canadian dollars ($6.7 million) for offences that included the failure to submit dice. suspicious transaction reports, setting a record for fines imposed on individual banks. They were Royal Bank of Canada and CIBC. The federal government has also added new powers related to national security, which has helped FINTRAC increase its workforce in recent years. Headcount grew by approximately 28% in fiscal year 2023 compared to the previous fiscal year. Suspicious transactions for fiscal year 2022—23 reached 560,858 compared to 585,853 the previous year and significantly more than the 114,422 reported in 2015-2016. Around 75% of all suspicious transactions between April and September 2023 were reported by financial institutions