Reporting
Financial entities must file the following reports with FINTRAC:
- Suspicious transaction reports if there are reasonable grounds to suspect that a banking or financial transaction or an attempted transaction which involves their institution is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence.
- Terrorist property reports if the financial entity has property in its possession or control that it knows is owned or controlled by, or on behalf of, a terrorist or a terrorist group, as well as any information they have about a transaction or proposed transaction in respect of such property.
- Large cash transactions for cash transactions of $10,000 or more received.
- Electronic Funds Transfers reports for international electronic funds transfers of $10,000 or more that are sent or received.
Financial entities must take additional steps to determine whether a client or recipient of an electronic funds transfer of $100,000 or more is a politically exposed person and take steps to establish the source of funds if a politically exposed person is involved in the transaction.