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:

Suspicious transactions

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.

Large cash transactions

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.

Large virtual currency transactions

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.

Electronic funds transfers

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.

Casino disbursements

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.

Terrorist property

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.

Alternative to large cash transaction reports

Only financial entities can submit this type of report.

FINTRAC can also receive the following information:

Voluntary information

About suspicions of money laundering or financing of terrorist activities.

Cross-border currency or monetary instruments reports

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.

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