Speech at the Canadian Institute's 25th Annual Canadian Forum on Anti-Money Laundering and Financial Crime by Deputy Commissioner of Supervision and Enforcement Frank Lofranco

Speech at the Canadian Institute's 25th Annual Canadian Forum on Anti-Money Laundering and Financial Crime by Deputy Commissioner of Supervision and Enforcement Frank Lofranco, on June 10, 2026, in Toronto, Ontario.

Moving together: A System Wide Response to Financial fraud

Good morning and thank you for the invitation to join you today. It’s a pleasure to be back at this event after several years, especially because earlier in my career, in anti-money laundering roles, this conference was a regular and valued part of my calendar.

And returning this year feels especially timely, because tomorrow, as the FIFA World Cup begins, much of the world will be talking about form, talent, and tactics. And what we are sure to witness is team performances that showcase what is known as total football.

As some of you in this audience know, I am a fan of the Beautiful Game. And I did play when I was younger. And let’s just say it was in a different body and well before the introduction of virtual assistant referees.

For those who do not spend their time immersed in football—or soccer—"total football” was most famously associated with the Dutch teams of the 1970s. It described a style of play in which no player was confined to a single fixed role; movement, anticipation, and shared responsibility mattered as much as individual brilliance.

The idea was simple but radical: when the game shifts, the whole team shifts with it—covering space, closing gaps, and adapting in real time.

That may seem like an unusual starting point for a conference on anti-money laundering and financial crime. But it is a useful metaphor for the challenge in front of us.

And it should not surprise you that the challenge I am referring to is consumer-targeted fraud—where the harm is often most immediate, most personal, and most visible to Canadians.