![]() ![]() 2.2 Life insurance companies, brokers and agentsĪ life insurance company means one regulated by provincial legislation, or a life company or foreign life company under the Insurance Companies Act. ![]() If you are a financial entity and you have foreign subsidiaries or foreign branches, the large cash transaction reporting requirement does not apply to their operations outside Canada. 2.1 Financial entitiesįinancial entities are banks (that is, those listed in Schedule I or II of the Bank Act) or authorized foreign banks with respect to their operations in Canada, credit unions, caisses populaires, financial services cooperatives, credit union centrals, trust companies, loan companies and agents of the Crown that accept deposit liabilities. If you are one of the following individuals or entities, you must report large cash transactions to FINTRAC. Who Has to Send a Large Cash Transaction Report to FINTRAC? 5.5 Submitting changes through FINTRAC web reportingĢ.5.4 Instructions for submitting a change to a previously submitted report.5.3 Instructions for submitting a new report. ![]() 5.2 Accessing the FINTRAC web reporting screens.Instructions for Completing a Large Cash Transaction Report.4.3 Acknowledgement of receipt of an electronic report.3.4 Other requirements associated with large cash transactions.3.3 Cash transactions in foreign currency.3.2 When does a large cash transaction report have to be made?.Large Cash Transaction Reporting Requirements.2.9 Dealers in precious metals and stones.2.2 Life insurance companies, brokers and agents.Who Has to Send a Large Cash Transaction Report to FINTRAC?.In this context, cash does not include cheques, money orders or other similar negotiable instruments.Īlso throughout this guideline, the term "reporting entity" is used to refer to any individual or entity required to report to FINTRAC. Furthermore, all references to cash mean money in circulation in any country (bank notes or coins). Throughout this guideline, any references to dollar amounts (such as $10,000) refer to the amount in Canadian dollars or its equivalent in foreign currency. The links provided are based on information available at the time of publishing of this guideline. FINTRAC is not responsible for the accuracy or reliability of the information contained on those external Web sites. Throughout these guidelines, several references are provided to additional information that may be available on external Web sites. If you need more help after you read this or other guidelines, call FINTRAC's national toll-free enquiries line at 1-86. It is not legal advice, and is not intended to replace the Act and Regulations. It is provided as general information only. This guideline uses plain language to explain the most common reporting situations under the Act as well as the related Regulations. It also explains who has to report large cash transactions if you are a reporting entity and are an employee, an agent or acting on behalf of another reporting entity. It explains reporting timelines, how reports have to be sent to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and what information has to be included in these reports. If you are such an individual or entity, this guideline has been prepared to help you submit large cash transaction reports electronically. This includes reporting, record keeping, client identification and compliance regime requirements for individuals and entities described in section 2. It is also to facilitate investigations and prosecutions of money laundering and terrorist activity financing offences. The objective of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) is to help detect and deter money laundering and the financing of terrorist activities. ![]()
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