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If you are a financial entity, a money services business or a foreign
exchange dealer, you will have to report certain Electronic Funds
Transfers (EFTs) to FINTRAC.
SWIFT electronic funds transfers
This reporting requirement is only applicable to you if you send EFTs by transmission of a SWIFT MT 100 or MT 103
message, as a SWIFT member, through the SWIFT network. SWIFT means the
Society for Worldwide Interbank Financial Telecommunication. It is a
co-operative owned by the international banking community that operates a
global data processing system for the transmission of financial messages.
You have to report the following
transactions to FINTRAC:
- You send an outgoing SWIFT MT 100 or MT 103 message for $10,000 or
more outside Canada at the request of a client in the following
manner:
- in a single transaction; or
- in two or more transfers of less than $10,000 (that total $10,000
or more) if your employee or senior officer knows they were made
within 24 consecutive hours of each other by or on behalf of the
same individual or entity.
- You receive an incoming SWIFT MT 100 or MT 103 message for $10,000
or more sent from outside Canada at the request of a client in the
following manner:
- in a single transaction; or
- in two or more transfers of less than $10,000 (that total $10,000
or more) if your employee or senior officer knows they were made
within 24 consecutive hours of each other by or on behalf of the
same individual or entity.
These reports can only be made electronically using the batch file
reporting mechanism (See
Guideline
8: Submitting Electronic Funds Transfer Reports to FINTRAC).
You do not have to make an EFT report if you send a transfer to an
individual or an entity in Canada, even if the final recipient is outside
Canada. Similarly, you do not have to make an EFT report if you receive a
transfer from an individual or an entity in Canada, even if the original
sender was outside Canada.
Your reporting
obligations regarding EFTs also include sending or
receiving EFTs by any means, as explained in the following.
Back
Non-SWIFT electronic Funds Transfers
This reporting covers EFTs that are the transmission of instructions
for a transfer of funds through any electronic, magnetic or optical
device, telephone instrument or computer other than SWIFT MT 100 or MT
103 messages described above.
If you are a financial entity, a money
services business or a foreign exchange dealer, you have to send a report
to FINTRAC for the following transactions:
- You send outgoing EFTs. These are instructions sent
electronically for the transfer of $10,000 or more outside Canada at
the request of a client in the following manner:
- in a single transaction;
- in two or more transfers of less than $10,000 (that total $10,000
or more) in the following situations:
- if you are an entity, your employee or senior officer knows the
transfers were made within 24 consecutive hours of each other by
or on behalf of the same individual or entity; or
- if you are an individual, you know the transfers were made
within 24 consecutive hours of each other by or on behalf of the
same individual or entity.
- You receive incoming EFTs.These are instructions sent electronically
for transfer of $10,000 or more from outside Canada at the request of
a client in the following manner:
- in a single transaction;
- in two or more transfers of less than $10,000 (that total $10,000
or more) in the following situations:
- if you are an entity, your employee or senior officer knows the
transfers were made within 24 consecutive hours of each other by
or on behalf of the same individual or entity; or
- if you are an individual, you know the transfers were made
within 24 consecutive hours of each other by or on behalf of the
same individual or entity.
For additional information on timeframes, means of reporting, EFTs in
foreign currency and other requirements associated with EFTs, consult
Guideline
8: Submitting Electronic Funds Transfer Reports to FINTRAC.
WHAT MUST BE REPORTED?
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