Large Cash Transactions that must be reported

[Theodore Macmahon]

Useful Information:
fintrac.gc.ca/reporting-declaration/info/rptlctr-eng.asp

If you are a reporting entity, you have to send a large cash transaction report to FINTRAC in the following situations:

• You receive an amount of $10,000 or more in cash in the course of a single transaction; or
• You receive two or more cash amounts of less than $10,000 that total $10,000 or more (24-hour rule). In this case, if you are an individual, you have to make a large cash transaction report if you know the transactions were made within 24 consecutive hours of each other by or on behalf of the same individual or entity. If you are an entity, you have to make a large cash transaction report if your employee or senior officer knows the transactions were made within 24 consecutive hours of each other by or on behalf of the same individual or entity.

You have to send a large cash transaction report to FINTRAC within 15 calendar days after the transaction.


If you are an individual who is a reporting entity and you are an employee of a reporting entity, your employer is responsible for meeting the large cash transaction reporting requirement associated to any of your activities as an employee.


Similarly, if you are a reporting entity and you are an agent of, or you are authorized to act on behalf of, a reporting entity, it is that reporting entity's responsibility to meet the large cash transaction reporting requirement associated to any of your activities on their behalf. However, if you are a life insurance broker or independent agent, you are responsible for reporting to FINTRAC (unless you are an employee as explained above).


You do not have to make a large cash transaction report to FINTRAC if the cash is received from a financial entity. In this context, a financial entity means a bank, credit union, caisse populaire, a trust and loan company or an agent of the Crown that accepts deposit liabilities.


Furthermore, you do not have to make a large cash transaction report to FINTRAC if the cash is received from a public body. In this context, a public body means any of the following or their agent:

• a provincial or federal department or Crown agency;
• an incorporated municipal body (including an incorporated city, town, village, metropolitan authority, district, county, etc.);
• a hospital authority. A hospital authority means an organization that operates a public hospital and that is designated to be a hospital authority for GST/HST purposes. For more information on the designation of hospital authorities, refer to GST/HST Memoranda Series, Chapter 25.2, Designation of Hospital Authorities available from the following Web site:

For more information about this, including information about who is considered a reporting entity, see FINTRAC's Submitting Large Cash Transactions Reports to FINTRAC.


Financial entities may choose, in certain specific circumstances, an alternative to making large cash transaction reports for certain clients that are corporations. If you are a financial entity, refer to Alternative to Large Cash Transaction Reports to FINTRAC for more information about this.

 

[coolPINKISH]

Thanks Laureen its why many have 3 to 4 different banks they deal with.

 

[Lacus]

Bet you Mafia bosses own their own banks.

 

[blueplaty15]

The Mafia has controlled everything from the street corner drug trade to the highest levels of government. Glorified by movies and television, hounded by law enforcement officials, marked for death by their enemies, mobsters live violent and often brief lives but they don't own banks.

 

[Pompal 09.]

Money laundering my ass, it's because they want to make sure they collect the tax revenue!