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If you are a reporting person or entity, you have to send a large cash transaction report to FINTRAC in the following situations:
You have to send a large cash transaction report to FINTRAC within 15 days after the transaction. If you are a reporting person and an employee of a reporting person or 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 person or entity and you are an agent of or you are authorized to act on behalf of a reporting person or entity, it is that reporting person or 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. If you are a reporting person or entity other than a casino, 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:
For more information about this, see FINTRAC's Guideline 7: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 Guideline 9: Alternative to Large Cash Transaction Reports to FINTRAC for more information about this. WHAT MUST BE REPORTED? |
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