Financial transactions that must be reported
If you are a reporting entity, you have to report the following transactions to FINTRAC, depending on your activities:
A suspicious transaction report must be submitted to FINTRAC in respect of a financial transaction that occurs or is attempted, and for which there are reasonable grounds to suspect that the transaction is related to the commission or attempted commission of a money laundering or terrorist activity financing offence. Unlike all other reporting obligations, there is no monetary threshold associated with the reporting of a suspicious transaction.
A large cash transaction report must be submitted to FINTRAC when a reporting entity receives $10,000 or more in cash in the course of a single transaction, or when it receives two or more cash amounts totalling $10,000 or more made within 24 consecutive hours by or on behalf of the same person or entity.
A large virtual currency transaction report must be submitted to FINTRAC when a reporting entity receives virtual currency (VC) in an amount equivalent to $10,000 or more in the course of a single transaction, or when it receives two or more amounts of VC, that total the equivalent of $10,000 or more within a consecutive 24-hour window, by or on behalf of the same person or entity, or for the same beneficiary.
An electronic funds transfer report must be submitted to FINTRAC upon a transmission of instructions for the transfer of $10,000 or more out of, or into, Canada in a single transaction; or in two or more transactions totalling $10,000 or more made within 24 consecutive hours by or on behalf of the same person or entity, through any electronic, magnetic or optical device, telephone instrument or computer.
A casino disbursement report must be submitted to FINTRAC by a casino when it makes a disbursement of $10,000 or more in the course of a single transaction, or upon making two or more disbursements totalling $10,000 or more within 24 consecutive hours that are received by or on behalf of the same person or entity. This report is not limited to cash.
A terrorist property report must be submitted to FINTRAC immediately once a reporting entity is required to make a disclosure under the Criminal Code or the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism to the RCMP or CSIS. Unlike your other reports to FINTRAC, a terrorist property report does not have to be based on a transaction or attempted transaction.
Only financial entities can submit this type of report.
FINTRAC can also receive the following information:
About suspicions of money laundering or financing of terrorist activities.
A cross-border currency report is filed with the CBSA by a person entering or leaving Canada carrying a sum of currency or monetary instruments of $10,000 or more, or by a person mailing or sending such large sums into or out of Canada. The CBSA then submits the report to FINTRAC. A cross-border seizure report is submitted to FINTRAC by a CBSA officer upon the seizure of cash or monetary instruments for which reporting obligations were not met.
- Date Modified: