![]() ![]() Voluntary informationĪbout suspicions of money laundering or financing of terrorist activities. ![]() A cross-border seizure report is submitted to FINTRAC by a CBSA officer upon the seizure of cash or monetary instruments for which reporting obligations were not met. The CBSA then submits the report to FINTRAC. FinCEN Currency Transaction Report (CTR) Electronic Filing Requirements User Guide Financial Crimes Enforcement Network (FinCEN) XML Schema 2. FINTRAC can also receive the following information: Cross-border currency or monetary instruments reportsĪ cross-border currency report is filed with the CBSA by a person entering or leaving Canada carrying a sum of currency or monetary instruments of $10,000 or more, or by a person mailing or sending such large sums into or out of Canada. Unlike your other reports to FINTRAC, a terrorist property report does not have to be based on a transaction or attempted transaction. Terrorist propertyĪ terrorist property report must be submitted to FINTRAC immediately once a reporting entity is required to make a disclosure under the Criminal Code or the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism to the RCMP or CSIS. Casino disbursementsĪ casino disbursement report must be submitted to FINTRAC by a casino when it makes a disbursement of $10,000 or more in the course of a single transaction, or upon making two or more disbursements totalling $10,000 or more within 24 consecutive hours that are received by or on behalf of the same person or entity. Electronic funds transfersĪn electronic funds transfer report must be submitted to FINTRAC upon a transmission of instructions for the transfer of $10,000 or more out of, or into, Canada in a single transaction or in two or more transactions totalling $10,000 or more made within 24 consecutive hours by or on behalf of the same person or entity, through any electronic, magnetic or optical device, telephone instrument or computer. Large virtual currency transactionsĪ large virtual currency transaction report must be submitted to FINTRAC when a reporting entity receives virtual currency (VC) in an amount equivalent to $10,000 or more in the course of a single transaction, or when it receives two or more amounts of VC, that total the equivalent of $10,000 or more within a consecutive 24-hour window, by or on behalf of the same person or entity, or for the same beneficiary. Large cash transactionsĪ large cash transaction report must be submitted to FINTRAC when a reporting entity receives $10,000 or more in cash in the course of a single transaction, or when it receives two or more cash amounts totalling $10,000 or more made within 24 consecutive hours by or on behalf of the same person or entity. Unlike all other reporting obligations, there is no monetary threshold associated with the reporting of a suspicious transaction. Suspicious transactionsĪ suspicious transaction report must be submitted to FINTRAC in respect of a financial transaction that occurs or is attempted, and for which there are reasonable grounds to suspect that the transaction is related to the commission or attempted commission of a money laundering or terrorist activity financing offence. To see the information that is included in the reports, please consult Reporting forms. There are about 15,000,000 Currency Transaction Reports filed each year.Financial transactions reported to FINTRACįINTRAC receives reports from certain businesses on the following financial transactions. Specifically, about 58 percent of the state and local officials we surveyed stated that increasing the CTR filing threshold would result in a “very great” or “great” reduction in the usefulness of the CTR filing requirement to their work. ![]() A 2008 GAO study found: State and local officials also indicated that the current threshold amount of $10,000 was important to the usefulness of CTRs. However, the majority of law enforcement officials support keeping the $10,000 threshold. The Government Accountability Office studied the topic in 1994 and issued a report titled “ The Volume of Currency Transaction Reports Filed Can and Should Be Reduced.” Legislation was proposed in 2006 to adjust the CTR threshold to $30,000 but it died. Inversely, the equivalent buying power of $10,000 today would have been $1,642 in 1970. The inflation-adjusted CTR equivalent to $10,000 in 1970 is $60,900.26today. Department of the Treasury, Financial Crimes Enforcement Network. All that has changed, except for the Currency Transaction Report threshold. FinCEN Ruling Clarifies Currency Transaction Report (CTR) Filing Obligations of Financial Institutions. A new car cost $3,900 and the Jackson 5’s song “I’ll be There” was number one on the Billboard charts. When the Bank Secrecy Act passed in October 1970 with the $10,000 Currency Transaction Report (CTR) threshold, the average US annual salary was $6,186. ![]()
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