Large virtual currency transaction reporting through the Upload
For more information on the submission of Large Virtual Currency Transaction Reports, please see the Notice on the Assessment of obligations coming into force on June 1, 2021.
For more information on reporting large virtual currency transactions, please see the guidance on Reporting large virtual currency transactions to FINTRAC.
Reporting entities (REs) must submit Large Virtual Currency Transaction Reports (LVCTRs) to FINTRAC when they receive virtual currency (VC) in an amount equivalent to $10,000 CAD or more in a single transaction. To submit high volumes of LVCTRs electronically, REs can use the LVCTR Upload in FINTRAC's web reporting system (FWR) (formerly F2R).
To use FWR, you must be enrolled with FINTRAC.
At this time, FINTRAC's web reporting system does not allow manual data entry (for low volume reporting) of the LVCTR.
Batch reporting and a RESTful application program interface (API) are also not available for the LVCTR at this time. FINTRAC will notify REs when they are implemented.
What is the LVCTR Upload?
The LVCTR Upload is the current tool for submitting LVCTRs to FINTRAC electronically. A web page is provided in FWR to accept the upload and submission of an LVCTR report. With the LVCTR Upload, you can either manually upload and submit a JSON-LD file or cut and paste the JSON-LD file contents. Alternatively, you can automate this process by having an application upload and submit JSON-LD files to the Upload page.
The LVCTR Upload will eventually be replaced with a RESTful API.
How do I upload an LVCTR using the LVCTR Upload in FWR?
First, you must set up the LVCTR Upload on your systems. Please consult the JSON-LD, the JSON Schema file and the Validation rules for Large Virtual Currency Transaction Reports. The JSON-LD and the JSON schema file can be accessed through FWR.
Then, after logging into your FWR account:
- Select Report to FINTRAC.
- Select Upload a report (see Figure 1).
Figure 1 – Report to FINTRAC, Upload a report
- In the "Upload a Report" window (see Figure 2), make the following selections:
- Report type: LVCTR
- File format: JSON-LD New report
- Action: Upload a test report or Upload and try to submit the report, deleting reports with rejects.
- Check the Input type you will use to submit the report: Cut and paste the content or Upload a file.
- Click the "Upload" button when complete.
Figure 2 - Upload a report – cut and paste
Figure 3. Upload a report – upload a file
For more information on submitting your reports in the JSON-LD format, please see the LVCTR examples on the "Upload a report" page in FWR (see Figure 3). The link provides examples of JSON-LD files to show the organization and schema of the information.
How do I change a previously submitted LVCTR?
Follow the steps above to navigate to the "Upload a report" page in FWR and select the report you want to change. From the "File format" drop down menu, select JSON-LD Change Report. From the "Action" drop down menu, select Upload and try to submit the report, deleting reports with rejects. Choose your Input type and click "Upload".
How do I view my reports?
To view a previously submitted LVCTR (read-only), navigate to "Reports submitted to FINTRAC" in your FWR account. You can view the report or delete it.
Please note that you are unable to view test reports.
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