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![]() The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit, a government agency created to collect, analyze and, when appropriate, disclose financial intelligence on suspected money laundering and terrorist financing activities. FINTRAC is an integral part of our country's fight against the global crimes of money laundering and terrorist financing. FINTRAC operates at arms length from the police and other departments and agencies of government to whom it can provide financial intelligence (e.g., Canadian Security Intelligence Service). Preventing organized crime and ensuring Canada's security is a responsibility we all share. The legal obligations for certain individuals and businesses are outlined in this brochure. Why is reporting important?From banks to life insurance companies, from securities dealers to
accountants, many have a role to play in Canada's efforts to prevent money
laundering and terrorist financing. These businesses, identified in the Proceeds
of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA),
are among the first that can come into The PCMLTFA requires that a report be filed with FINTRAC when there are reasonable grounds to suspect that a transaction is related to a money laundering or a terrorist financing offence. In addition, anyone can voluntarily provide information about suspicions of money laundering or terrorist financing to FINTRAC.
Who must report suspicious transactions?The following persons and entities and their employees must report suspicious transactions to FINTRAC:
There are other obligations created by the PCMLTFA such as Client ID, record keeping and the implementation of a compliance regime.
What information to reportTo complete a suspicious transaction report, you will need certain information. You will need information about you as the reporting entity and details about the person conducting the transaction and the transaction itself. If your suspicion was raised due to a series of transactions, you will need to include information on each transaction within the report (the report allows for information on more than one transaction to be included). When to file a reportOnce you have reasonable grounds to suspect a transaction is related to a money laundering or a terrorist financing offence, you must file a Suspicious Transaction Report with FINTRAC within 30 days. Identifying suspicious transactionsYou are in the best position to know what is normal for your business and therefore what is suspicious. It is important to remember that behaviour is suspicious, not people. As well, it is the consideration of many factors, not any one factor, that will lead to a conclusion that there are reasonable grounds to suspect that a transaction is related to a money laundering or terrorist financing offence. To learn more about how to recognize suspicious transactions and to consult a list of indicators, please see FINTRAC's Guideline 2: Suspicious Transactions at http://www.fintrac.gc.ca/publications/guide/guide_e.asp. How to file a suspicious transaction reportFINTRAC has prepared a series of guidelines to help individuals and
businesses submit their reports. These explain reporting timelines, how
reports have to be sent, and what information has to be included. These
guidelines are available on our Web site (www.fintrac.gc.ca). A hard-copy
version can be obtained by calling us toll-free at 1-866-346-8722. As a reporting person or entity, you must submit your reports electronically to FINTRAC, provided you have the technical capabilities to do so (minimum technical requirements are outlined in FINTRAC's guidelines). These reports are filed using FINTRAC's secure Web site. If you do not have the technical capabilities to send reports electronically, you must submit reports on paper using available forms. For more information about this, see Guideline 3: Submitting Suspicious Transactions Reports to FINTRAC. Completing Part G of the ReportPart G is a key part of the report. It allows you to tell us WHY you have suspicions about a specific transaction or transactions. You should provide as much detail as possible. Your explanation may include:
Contact usFor further information on FINTRAC, its activities, and on the steps involved in filing a report, visit our Web site (www.fintrac.gc.ca) or contact us: Financial Transactions and Reports Analysis Centre of Canada 234 Laurier Avenue West 24th floor Ottawa, Ontario Canada K1P 1H7 Toll-free: 1-866-346-8722
WHAT MUST BE REPORTED?
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