Alternative to large cash transactions

Applicable to financial entities only

Financial entities i.e., banks, credit unions, caisses populaires, trust companies, loan companies or agents of the Crown that accept deposit liabilities, may be able to choose an alternative to sending large cash transaction reports about transactions for certain clients that are corporations. This is not available to any other reporting entity.

More information is available in Guideline 9: Alternative to Large Cash Transaction Reports to FINTRAC.

How to transmit the report

To find out how to make this report select one of the two options below:

  1. I use BATCH to report

  2. I do not use BATCH to report (report by fax)

Reporting instructions

How to add new clients to your Financial Entity Business Client Report

If you have sent a Financial Entity Business Client Report before and you need to add new business clients, start with the spreadsheet you saved in its default format the last time you sent your Financial Entity Business Client Report to FINTRAC. Indicate that this is an update to a previously submitted report in the area above Part A. Also, enter "A" in the "Update indicator" column to the left of field B1 for each new business client to be added. Once you have finished adding the information for each one to your spreadsheet, follow the steps for sending a first report, as of Step 3.

How to report certain changes about the client

Once the information about business clients has been sent to FINTRAC in your Financial Entity Business Client Report, if there are any changes to the client's name or address, the nature of the client's business or the business incorporation number, you have to report the change to FINTRAC. This has to be done within 15 calendar days after the change is made.

To report these types of changes to FINTRAC, start with the spreadsheet you saved in its default format the last time you sent your Financial Entity Business Client Report to FINTRAC.

Indicate that this is an update to a previously submitted report by entering "U" in the area above Part A.  Also, enter "C" in the "Update Indicator" column to the left of field B1 for each business whose information is being changed.  Do not complete Part D, as this is only applicable to the annual verification.

Re-save the spreadsheet and submit it in its entirety to FINTRAC, according to the batch transmission or fax instructions that apply to you.  Repeat this process any time you have to report a change.

How to report the annual verification?

Once you have chosen the alternative to large cash transaction reports, you have to verify at least once every 12 months that all the conditions listed in Section 2.1 of Guideline 9: Alternative to Large Cash Transaction Reports to FINTRAC are still met for each client. Once this is done, you have to complete Part D of your Financial Entity Business Client Report and send it to FINTRAC to provide the name of your senior officer who has confirmed that the conditions are still being met for a particular client.

To do this, you will need to start with your latest "saved copy" of your spreadsheet.  Indicate that this is an annual verification by entering a "V" in the area above Part A.  Also, enter "V" in the "Update indicator" column to the left of field B1 for each business whose information is being verified and complete Part D for each one.

Please do not include any new business clients and do not make any changes to information in Parts A, B or C on the report at the time of your annual verification.  If you need to add new business clients or make changes, do so by submitting the related information as an update as described in the links above.

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