Reporting large cash transactions to FINTRAC : FINTRAC's compliance guidance
From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
This guidance explains the requirement to report large cash transactions to FINTRAC.
This guidance replaces the following guidance, which have been archived online:
Note:
- Throughout this guidance, references to dollar amounts (such as $10,000) are in Canadian dollars unless otherwise specified.
- The examples and scenarios are meant to help explain reporting requirements.
- The details used in these examples and scenarios such as names of persons, names of entities, addresses, phone numbers and email addresses are fictitious.
In this guidance
- 1. Who must comply
- 2. What is a large cash transaction
- 3. When to submit a Large Cash Transaction Report
- 4. How to submit a report to FINTRAC
- 5. The form for reporting large cash transactions
- 6. Other requirements associated with large cash transactions
- 7. Exceptions to reporting large cash transactions
- Annex A: Field instructions to complete a Large Cash Transaction Report
- Annex B: Scenarios
- For assistance
Related links
Related acts and regulations
Related guidance
- Reporting transactions to FINTRAC: The 24-hour rule
- Reporting suspicious transactions to FINTRAC
- Guideline 8A: Submitting Non-SWIFT Electronic Funds Transfer Reports to FINTRAC electronically
- Guideline 8B: Submitting SWIFT Electronic Funds Transfer Reports to FINTRAC
- Guideline 9: Alternative to Large Cash Transaction Reports to FINTRAC
- Methods to verify the identity of persons and entities
- Third party determination requirements
- Compliance program requirements
- Ministerial directives and transaction restrictions
- Voluntary self-declaration of non-compliance
1. Who must comply
All reporting entities must comply with the large cash transaction reporting requirements.
If you are a person who is a reporting entity, and you are also an employee of a reporting entity, your employer is responsible for meeting the large cash transaction reporting requirements associated with your activities as an employee.
Similarly, if you are a reporting entity that is an agent of or authorized to act on behalf of another reporting entity, it is the responsibility of the reporting entity for which you are an agent or acting on behalf to meet the reporting requirements associated with the activities you conduct on its behalf. This does not apply if you are a life insurance broker or agent (unless you are an employee as explained above).
A service provider can submit and correct a Large Cash Transaction Report on your behalf. However, as the reporting entity, you are ultimately responsible for meeting the requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations, even if a service provider is reporting on your behalf. This legal responsibility cannot be delegated.
Legal references
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184
- section 133(1)
- section 133(2)
2. What is a large cash transaction
A large cash transaction occurs when you receive $10,000 or more in cash in a single transaction.
Cash includes:
- coins and bank notes issued by the Bank of Canada that are intended for circulation in Canada
- coins and bank notes of countries other than Canada
- fiat currency
Cash does not include:
- other forms of funds such as cheques, money orders or other similar negotiable instruments
- virtual currency
3. When to submit a Large Cash Transaction Report
You must submit a Large Cash Transaction Report to FINTRAC when you receive $10,000 or more in cash in a single transaction from a person or entity.
If you are a foreign money services business, you must submit a report only when you receive $10,000 or more in cash in a single transaction from a person or entity in Canada.
Note: You must submit a Large Cash Transaction Report to FINTRAC within 15 calendar days after the day on which you receive the cash.
Legal references
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184
- subsections 7(1)(a), 18, 25, 30(1)(a), 39, 48, 54, 60, 66, 70(1)(a) and 78
- subsection 33(1)(a)
- section 132(3)
24-hour rule
You must also submit a Large Cash Transaction Report to FINTRAC in accordance with the 24-hour rule. That is, you must submit a report when:
- you receive 2 or more amounts in cash that total $10,000 or more within a consecutive 24-hour window, and
- you know that the transactions are:
- conducted by the same person or entity
- conducted on behalf of the same person or entity (third party), or
- for the same beneficiary
For more information:
Legal reference
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184, section 126
Foreign currency
If you receive cash in a foreign currency, convert the amount into Canadian dollars using the exchange rate published by the Bank of Canada in effect at the time of the transaction to determine whether you have reached the reporting threshold amount of $10,000 CAD.
If an exchange rate is not published by the Bank of Canada, then you must use the rate you establish in the normal course of your business at the time of the transaction.
Your process for establishing an exchange rate to determine if you have reached the reporting threshold amount should be outlined in your compliance policies and procedures.
Legal references
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184
- section 125(a)
- section 125(b)
4. How to submit a report to FINTRAC
You must submit a Large Cash Transaction Report to FINTRAC electronically using the following options:
- FINTRAC Web Reporting System (FWR) (geared towards reporting entities with lower reporting volumes)
- FINTRAC API report submission (secure system-to-system transfer of report information)
Note about paper form: If you do not have the technical capability to submit reports electronically to FINTRAC, you must submit reports in paper form.
Legal references
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184
- section 131(1)
- section 131(2)
5. The form for reporting large cash transactions
In this section
Note
- For details about submission limits (for reports submitted electronically), refer to:
- Transaction submission limits (FINTRAC API report submission)
- To find out how to create subject profiles (for reports submitted through FINTRAC Web Reporting System), refer to:
Form structure
The form for reporting large cash transactions has 4 sections:
- General information
- Transaction information
- Starting action
- Completing action
Main sections of the form | Type of information for each section |
---|---|
General information |
|
Transaction information |
|
Starting action |
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Completing action |
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Note
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Form highlights
The structure of the form allows you to include:
- 1 or more transactions that total $10,000 or more within a consecutive 24-hour period in a single report
- These transactions can be below $10,000 or $10,000 or more (as long as they total $10,000 or more within a consecutive 24-hour period). For more information, refer to:
- The transactions can also occur at the same or different locations.
- 1 or more starting actions and completing actions in a single transaction
Note: Because you must provide a date and time for each transaction, it is understood that all starting and completing actions within the transaction also occur at this date and time. If it does not, you should add a new transaction to the report.
- multiple conductors, sources of cash and third parties within each starting action
- multiple account holders, beneficiaries and other persons or entities involved in the completing action within each completing action
Important information about the number of transactions, starting actions and completing actions in a report
- You must complete the General information section of the report and provide information for each transaction.
- A Large Cash Transaction Report must include at least 1 transaction.
- Every transaction must have at least:
- 1 starting action, and
- 1 completing action
- A report can have multiple transactions and within each transaction, you can include multiple starting and completing actions.
- When completing the report, you must ensure that the information you provide reflects your client's instructions and is consistent with your policies and procedures.
Example 1
Ms. Green walks into ABC Credit Union with $10,000 CAD cash and instructs that the full amount be deposited into her savings account. Therefore, ABC Credit Union submits a Large Cash Transaction Report indicating that Ms. Green conducted a single transaction with:
- 1 starting action (the receipt of $10,000 CAD cash by the credit union), and
- 1 completing action (disposition of $10,000 involving a deposit to an account) where Ms. Green is also the beneficiary
Example 2
Mr. Blue walks into the General MSB Company in Calgary with $11,000 CAD cash and instructs that $5,000 be exchanged to USD and $6,000 be sent to Ms. Brown in Toronto. In this example, the General MSB Company submits a report indicating that Mr. Blue conducted a transaction in Calgary with:
- 1 starting action (the receipt of $11,000 CAD cash by the business), and
- 2 completing actions (a first disposition of $5,000 involving exchange to fiat currency and a second disposition of $6,000 involving an outgoing domestic funds transfer) where Mr. Blue and Ms. Brown are the respective beneficiaries
The following chart (Figure 1) demonstrates a Large Cash Transaction Report with multiple transactions, starting actions and completing actions.
Description of figure 1: Illustration of a Large Cash Transaction Report with multiple transactions, starting actions and completing actions
Specifically, this chart shows a Large Cash Transaction Report with 3 transactions.
This report contains a General information section and shows the information for each transaction where:
- Transaction 1 has 1 starting action and 1 completing action
- Transaction 2 has 2 starting actions and 2 completing actions
- Transaction 3 has 1 starting action and 2 competing actions
Type of line | Meaning |
---|---|
Solid line |
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Dashed line |
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6. Other requirements associated with large cash transactions
In this section
Compliance program
Your compliance program's policies and procedures must outline your process and criteria on:
- selecting exchange rates and their source
- aggregating transactions
- determining if you are dealing with a person or entity
- submitting reports to FINTRAC
If you have an automated or triggering system in place to detect when the threshold amount is reached for reporting, a person may still assess the transaction(s), as a best practice, to ensure the submission of a Large Cash Transaction Report.
Your compliance program must also include training on suspected money laundering and terrorist financing activities in relation to your business.
For more information:
Suspicious transactions
In addition to reporting large cash transactions, you may also be required to submit Suspicious Transaction Reports to FINTRAC when you have reasonable grounds to suspect that a transaction is related to the commission, or the attempted commission, of a money laundering or terrorist activity financing offence. Therefore, you may be required to submit a Large Cash Transaction Report and a Suspicious Transaction Report for the same transaction.
For more information:
- Reporting suspicious transactions to FINTRAC
- Money laundering and terrorist financing indicators under All FINTRAC guidance – Transaction reporting
Electronic funds transfers
If the disposition of a large cash transaction involves a reportable electronic funds transfer, then you must submit an Electronic Funds Transfer Report to FINTRAC in addition to a Large Cash Transaction Report.
For more information:
- Guideline 8A: Submitting Non-SWIFT Electronic Funds Transfer Reports to FINTRAC Electronically
- Guideline 8B: Submitting SWIFT Electronic Funds Transfer Reports to FINTRAC
Record keeping
When you submit a Large Cash Transaction Report to FINTRAC, you must keep a copy of it for at least 5 years from the date the report was created.
For more information:
- Consult your sector-specific guidance under All FINTRAC guidance – Record keeping
Legal references
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184
- section 144
- subsection 148(1)(c)
Verifying the identity of persons and entities
There are requirements on when and how to verify the identity of persons and entities for large cash transactions.
For more information:
- Methods to verify the identity of persons and entities
- Consult your sector-specific guidance on when to verify the identity of persons and entities under All FINTRAC guidance – Knowing your client
Third party determination
There are requirements to determine whether a person or entity is acting on behalf of another person or entity for the receipt of a large cash transaction.
For more information:
Ministerial directives
You must consider all requirements issued under a ministerial directive along with your large cash transaction reporting requirements.
For more information:
Voluntary self-declaration of non-compliance
If you discover instances of non-compliance related to your large cash transaction reporting requirements, FINTRAC strongly encourages you to report a voluntary self-declaration of non-compliance.
For more information:
7. Exceptions to reporting large cash transactions
You are not required to submit a Large Cash Transaction Report if you receive an amount of $10,000 or more in cash in a single transaction if the amount is received from:
- a financial entity
- a public body, or
- a person who is acting on behalf of a client that is a financial entity or public body
Legal references
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184
- subsections 7(2), 18(a), 25, 30(2), 33(2), 39, 48, 54, 60, 66, 70(2) and 78
Life insurance companies, brokers or agents
If you are a life insurance company, broker or agent, you are not required to submit a Large Cash Transaction Report when you are dealing in reinsurance or if the transaction:
- involves the sale of an immediate or deferred annuity that is paid for entirely with funds that are directly transferred from a registered pension plan or from a pension plan that is required to be registered under the Pension Benefits Standards Act, 1985 , or similar provincial legislation
- involves the sale of a registered annuity policy or a registered retirement income fund
- involves the sale of an immediate or deferred annuity that is paid for entirely with the proceeds of a group life insurance policy, or
- is part of a reverse mortgage or structured settlement
Legal references
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184
- section 24
- subsection 18(b)
Financial entities
If you are a financial entity, you are not required to submit a Large Cash Transaction Report on certain clients that are corporations if you choose, in specific circumstances, to provide FINTRAC with specified information on those clients.
For more information:
Legal references
- Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations, SOR/2002-184, section 8
Foreign subsidiaries or branches
If you are a financial entity, life insurance company or securities dealer, and you have foreign subsidiaries or foreign branches, the large cash transaction reporting requirement does not apply to their operations outside Canada
Annex A: Field instructions to complete a Large Cash Transaction Report
This annex contains instructions on how to complete the fields in a Large Cash Transaction Report.
In this annex
Note
- Some fields only become applicable on the completion of other fields.
- Some field instructions may only apply to the electronic report submissions and not paper submissions.
- Fields that are not applicable are to be left blank. When a field is not applicable:
- do not enter "Not applicable", "N/A" or "n/a", or
- do not substitute any other abbreviations, special characters ("x", "-" or "*") or words ("unknown") in the field
- Failure to provide applicable reporting information will result in non-compliance and may lead to criminal or administrative penalties. To learn more about potential enforcement actions:
Standardized field instructions
This section contains instructions for:
- the expected level of effort to obtain the prescribed information for the reporting fields
- completing some fields that appear in multiple sections of the form
In this section
Field categories
Fields are categorized as either:
- mandatory
- mandatory for processing
- mandatory if applicable, or
- reasonable measures
Field categories | Instructions |
---|---|
Mandatory | These fields are indicated with an asterisk symbol (*) and must be completed. Because a Large Cash Transaction Report can include multiple transactions conducted within 24 consecutive hours that total $10,000 or more, the information for some mandatory fields may not have been obtained at the time of the transaction. In this case, the fields become "reasonable measures" fields, and the instructions for reasonable measures (below in this table) must be applied. Note: If a Large Cash Transaction Report contains multiple transactions conducted within 24 consecutive hours and 1 of these transactions is $10,000 CAD or more, then the mandatory fields will apply. Legal references
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Mandatory for processing | These fields are indicated with a double dagger symbol (‡) and must be completed. |
Mandatory if applicable | These fields are indicated with a dagger symbol (†) and must be completed if they are applicable to you or the transaction being reported. |
Reasonable measures | You must take reasonable measures to obtain the information for all non-mandatory fields in the report, if they are applicable. Reasonable measures are the steps that you must take, as outlined in your policies and procedures, to obtain the information that can include asking the person or entity involved in the transaction for the information. If you obtain the information, you must report it. You must also provide the information if it is contained within your systems or records. Legal references
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Name fields
Name fields | Instructions |
---|---|
Surname | Provide the last name of the person. |
Given name | Provide the first name of the person. Note: If a person has only a single name, enter "XXX" in the "Given name" field and the person's single name in the "Surname" field. |
Other/Initial | Provide the middle or other name(s) of the person, or their initial(s) if no other names apply. |
Alias | Provide the name a person uses, or by which they are known, other than the name provided under surname, given name, or other/initial. |
Name of entity | Provide the full name of the entity. |
Address fields
Provide the address details in the structured or unstructured fields (as applicable) as explained below.
Structured address fields
Structured address fields include:
- Apartment/Room/Suite/Unit number
- House/Building number
- Street address
- City
- District
- Country
- Province or state (code) – For provinces or states in Canada, the United States or Mexico, select from the list of options.
- Province or state (name) – For provinces or states outside Canada, the United States or Mexico, provide the name of the province or state.
- Sub-province and/or sub-locality
- Postal or zip code
If you have the ability to separate the information
You must report it in the structured address fields.
For example, if a person lives at #10-123 Main Street, Richmond, British Columbia, Canada A1B 2C3, complete the address fields as follows:
Structured address fields | Information provided |
---|---|
Apartment/Room/Suite/Unit number | 10 |
House/Building number | 123 |
Street address | Main Street |
City | Richmond |
Country | Canada |
Postal code | A1B 2C3 |
If you are unable to separate the address information into the structured address fields
If, for example, your system groups the Apartment/Room/Suite/Unit number with the House/Building number and Street address, then provide:
- all the address information in the street address field
- the city, province, country and postal code in their respective fields
If there is no civic address
If a person or entity's address is in an area where there is no civic address, provide a description of the physical location.
For example, if a person lives in the third house to the right after the community center in Tinytown, Saskatchewan, Canada X1Y 2Z2, complete the address fields as follows:
Structured address fields | Information provided |
---|---|
Street address | Third house to the right after the community center |
City | Tinytown |
Province | SK |
Country | Canada |
Postal code | X1Y 2Z2 |
Note: If you use the structured address fields, you cannot use the unstructured address fields to provide additional information.
Unstructured address field
You should only use the unstructured address field when it is not possible to separate the address information. This typically occurs when you are uploading a large volume of reports and the data originates from outside your organization. For example, when you are in final receipt of an electronic funds transfer and the foreign address of the person who requested the transfer information cannot be easily populated into the structured address fields.
If possible, enter information about the country in the Country field and provide the unstructured address information in the following format:
- street address/city/province or state/postal code or zip code
Invalid addresses
The following are not valid addresses, and should not be provided in either the structured or unstructured address fields:
- a post office box without a complete physical address (for example, PO Box 333)
- general delivery address
- only a suite number (for example, Suite 256) without additional address information
Persons who are transient or have no fixed address
For persons who are transient (for example, travelling in a recreational vehicle or temporarily working in a camp) and have no fixed address, you are required to provide the following information:
Type of person | What to provide |
---|---|
Canadian residents | Their permanent Canadian address, even if that is not where they are currently residing |
Foreign clients travelling in Canada for a short period of time | Their foreign residential address |
Foreign clients living in Canada for a longer period of time (such as a student) | The person's temporary Canadian address |
Occupation/business fields
Occupational/business fields | Instructions |
---|---|
Occupation |
When entering occupation information, you should be as descriptive as possible. For example, if the person is:
You can enter a numeric classification code and the code title in this field (for example, NOC – National Occupational Classification). However, a numeric code on its own is not sufficient as you need a written description of the occupation as explained above. Note: If your client indicates that they are the manager of Blue Moon Auto Parts Ltd., you would enter “manager of auto parts company” in the occupation field and “Blue Moon Auto Parts Ltd.” in the name of employer field as explained below. |
Name of employer |
Enter the name of the person’s employer. Do not provide the name of a supervisor or manager. This field is meant to capture the name of the business that employs the person. If the person has multiple employers, you only need to provide one but it should be the person’s primary employer. Providing the name of employer can augment the description of a person’s occupation. For example, “retail clothing store manager for ABC high-end clothing store” and “retail clothing store manager for XYZ discount clothing store” are more descriptive than “retail clothing store manager” on its own. |
Nature of entity’s principal business |
You should be as descriptive as possible when entering the entity’s principal business. If the entity’s principal business is “sales,” provide the type of sales, such as “pharmaceutical sales” or “retail clothing sales.” You can enter a numeric classification code and the code title in this field (for example, NAICS – North American Industry Classification System). However, a numeric code on its own is not sufficient, as you need a written description of the nature of the entity’s principal business as explained above. |
Identification fields
Identification fields | Instructions | ||||||||
---|---|---|---|---|---|---|---|---|---|
Identifier type |
Select the identifier type for the person or entity as applicable. If the identifier type is not listed, select “Other” and provide details. If you use the dual process method to identify a person, you must provide details of both sources of information in the identifier type fields. Note: Don’t report a Social Insurance Number (SIN) to FINTRAC. In addition, you cannot use documentation for identification purposes where it is prohibited by provincial legislation. For more information on how to identify persons and entities, refer to:
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Number associated with identifier type | This is the number indicated on the identifier type that was used to verify the identity of the person or entity. For example, on a driver’s licence, the licence number is the identification number and on a Certificate of Incorporation, the incorporation number is the identification number. | ||||||||
Jurisdiction of issue (country, province or state) |
Provide the country, province, or state that issued the documentation used to identify the person or entity.
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Telephone number fields
Location of telephone number | Instructions |
---|---|
Canada or the United States | Enter the area code and local number (for example, 999-999-9999). |
Outside Canada or the United States |
Enter the:
For example, “99-999-9999-9999” would indicate:
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Specific field instructions
This section contains instructions for the report fields and are laid out in the same order as they appear on the Large Cash Transaction Report form.
Note: For some fields, the instructions:
- have not been provided and are indicated as “Instructions not specified”
- refer to the Standardized field instructions section
In this section
General information
Fields | Instructions |
---|---|
* Reporting entity number |
You must enroll in FINTRAC Web Reporting System (FWR) to submit reports electronically. Provide the 7-digit identifier number assigned to you by FINTRAC at enrolment. |
‡ Reporting entity report reference number |
A number assigned to each report by:
This number must be unique to your business, meaning it can only be used once. |
Which one of the following types of reporting entities best describes you?
Field | Instructions |
---|---|
* Activity sector |
Enter your business activity sector. If you are involved in more than 1 type of business activity, indicate the one applicable to the transaction being reported. If there is more than 1 business activity for 1 or more transactions on the report, select only 1 to indicate your principal type of business activity. |
Whom can FINTRAC contact about this report?
Enter the contact information of the person you would like FINTRAC to liaise with in the event that a follow up is required.
You must ensure that all of your contacts’ information is up to date in FINTRAC Web Reporting System (FWR) prior to submitting your report(s).
Report information
Indicate whether the report is related to 1 or multiple transactions that occurred within a consecutive 24-hour period.
When you provide a date and time, you must include the time zone. The fields below provide instructions for formatting.
Fields | Instructions |
---|---|
‡ Aggregation type |
Indicate the type of aggregation used when multiple transactions occur within a consecutive 24-hour period:
If the report is for 1 transaction only, or for a ministerial directive, then aggregating transactions does not apply and you should select “Not applicable”. Note: You must provide a start date/time and end date/time in the fields below, even if there is no aggregation and you select “not applicable” in the aggregation type field. |
‡ 24-hour period start date and time |
Provide the start date and time of the 24-hour period. You must include the time zone (that is, UTC offset) in the 24-hour period start time field. You must enter the start time in the following format: HH:MM:SS±ZZ:ZZ. For example, 1:25:06 pm in Ottawa, Ontario would be reported as 13:25:06-05:00. |
‡ 24-hour period end date and time |
Provide the end date and time of the 24-hour period. If your 24-hour period starts at 8:00 am, it would end at 7:59 am the following day. You must include the time zone (that is, UTC offset) in the 24-hour period end time field. The field above provides instructions for formatting. Note: The start date/time and end date/time that you provide will establish the 24-hour period in which you look for possible aggregate transactions, and report all applicable transactions within. Because you must aggregate on each party separately (conductor, on behalf of [third party], or beneficiary), it is possible to have multiple 24-hour windows (for example, a 24-hour window for conductors that is different than your 24-hour window for beneficiaries). |
Ministerial directive |
If a transaction is being reported to FINTRAC under a ministerial directive, then indicate this by selecting the ministerial directive in the report. Leave this field blank if the transaction(s) are not part of a ministerial directive. Note:
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Transaction information
Information about the transaction
Fields | Instructions | ||||||
---|---|---|---|---|---|---|---|
† Date and time of transaction |
Enter the date and time of the large cash transaction. It cannot be a future date and it must be different from the posting date. A report can contain multiple transactions that took place in different time zones, but these transactions should all be within your 24-hour aggregation window that is indicated by the 24 hour period start date and time and the 24 hour period end date and time in the report. ExamplesIf your report indicates that the 24-hour window is from 12:00 am to 11:59 pm Eastern Standard Time (EST) and you have transactions that occurred in both EST and Pacific Standard Time (PST) zones, you will need to do the following:
Your process to convert and report transactions that occur in different time zones should be documented in your policies and procedures to ensure your reporting is consistent. For more information: This field is mandatory, unless you:
In this case, if you do not provide the date and time of transaction in this field, you must provide the date and time of posting (refer to the field Date and time of posting (if different from date and time of transaction)). |
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* Method of transaction |
Select the method that describes how you received the cash. If the method is not listed, select “Other.” Note:
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† If “Other,” please specify | Provide a brief description on how you received the cash. | ||||||
Date and time of posting (if different from date and time of transaction) |
Enter the date and time the transaction is posted, if this differs from the date and time of the transaction. It cannot be a future date and it must be different from the transaction date. This field is mandatory if:
In all other cases, this is a reasonable efforts field. If only a posting date is available, you will still need to enter a posting time. In this case, select the same time zone as your 24-hour window and enter the time as 00:00:00 ensuring the date and time stays within your 24-hour window. A report can contain multiple transactions that took place in different time zones. You must determine if these transactions fall within your 24-hour window as explained in the field description for Date and time of transaction. |
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‡ Threshold indicator |
Indicate whether the value of the cash received for the transaction was above or below $10,000 at the time of receipt. Select:
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‡ Reporting entity transaction reference number |
This is a unique number assigned to each transaction by:
|
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Purpose of transaction |
This is the reason for the transaction and it may not be the same as the information provided in the details of disposition field. However, your narrative on the purpose of transaction should expand on the disposition. The bolded text below are examples of purpose of transaction:
You may be able to determine the purpose of a transaction by asking the client. |
Information about where the transaction was conducted
Provide information about the physical location where the transaction took place.
For example, if the transaction was conducted at:
- a branch, provide the reporting entity location number of that branch
- an ATM, provide the reporting entity location number of that ATM
Field | Instructions |
---|---|
* Reporting entity location number |
This represents information about where the transaction took place. For example, if the client deposited cash at Branch 1, then select the location number that is associated with Branch 1. The location number is:
For more information about this, contact your FWR administrator. |
Starting action
Provide information about how the transaction was started.
Fields | Instructions |
---|---|
* Amount |
Enter the total amount of cash involved in the starting action. If this amount was not in Canadian dollars (CAD), do not convert it to CAD but provide the currency type in the next field. |
* Currency |
Enter the currency of the starting action, including if it was in Canadian dollars. If the currency type is not in the list provided, you must select “Other” and provide the full name of the currency. |
How was the cash obtained? |
This is how the conductor initially acquired the cash used for the transaction, not where the funds may have been transferred from. For example, you can obtain cash from activities such as:
This information must be reported if obtained. |
‡ Was information about the source (person / entity) of cash obtained? |
This field is a “Yes/No” question. Select “Yes” if you have:
Otherwise, select “No” to indicate that you do not have the information. |
‡ Does this transaction involve a deposit to a business account? |
This field is a "Yes/No" question. A business account means a business account at an account-based reporting entity such as:
|
Source of cash
If you have information on any source of cash involved in the transaction, you must report it.
If there are multiple sources, you must provide information for each source.
Source of cash – person
Fields | Instructions |
---|---|
† Surname | Refer to Name fields under “Standardized field instructions”. |
† Given name | Same instructions (Name fields) |
Other/initial | Same instructions (Name fields) |
Account number |
Provide the account number for the source of cash. It is acceptable to include the financial institution number and branch number as part of an account number. |
Policy number | Instructions not specified |
Identifying number | If there is no account or policy number, provide an identifying number if available. |
Source of cash – entity
Fields | Instructions |
---|---|
† Name of entity | Refer to Name fields under “Standardized field instructions”. |
Account number |
Provide the account number for the source of cash. It is acceptable to include the financial institution number and branch number as part of an account number. |
Policy number | Instructions not specified |
Identifying number | If there is no account or policy number, provide an identifying number if available. |
Note about the source of cash fields
Although the following 3 fields are all about how the conductor obtained the cash and the source of cash, they are different:
- How was the cash obtained?
- Was information about the source (person / entity) of cash obtained?
- Source of cash – person or entity
The following example demonstrates their differences.
Example:
Vicky Violet brings in $12,000 cash for deposit into her bank account and tells the bank that she obtained this cash when she sold her car to Griffin Grey.
She was only able to provide Griffin Grey’s name to the bank because she did not have information on his account number, policy number or identifying number.
As such, the source of cash fields would be completed as follows:
Source of cash fields | Information provided in the field |
---|---|
How was the cash obtained? | Sale of car |
Was information about the source (person / entity) of cash obtained? | Yes |
Source of cash | Griffin Grey |
For more information on completing these fields, please refer to Starting action and Source of cash under the “Specific field instructions”.
Conductor – person
Provide all the information you have on 1, or multiple persons specified as the conductors of the transaction.
Fields | Instructions |
---|---|
† Surname | Refer to Name fields under “Standardized field instructions”. |
† Given name | Same instructions (Name fields) |
Other/Initial | Same instructions (Name fields) |
Alias | Same instructions (Name fields) |
† Client number | A unique identifying number assigned by the reporting entity to the person conducting the transaction. |
Apartment/Room/Suite/Unit number | Refer to Address fields under “Standardized field instructions”. |
House/Building number | Same instructions (Address fields) |
† Street address | Same instructions (Address fields) |
† City | Same instructions (Address fields) |
District | Same instructions (Address fields) |
† Country | Same instructions (Address fields) |
† Province or state (code) | Same instructions (Address fields) |
† Province or state (name) | Same instructions (Address fields) |
Sub-province and/or sub-locality | Same instructions (Address fields) |
Postal or zip code | Same instructions (Address fields) |
Unstructured address details | Refer to Unstructured address field under “Standardized field instructions”. |
Telephone number | Refer to Telephone number fields under “Standardized field instructions”. |
Extension | Same instructions (Telephone number fields) |
Email address | Instructions not specified |
† Date of birth | Instructions not specified |
Country of residence |
Enter the primary country of residence for the person. It can be the same or different from the country entered in the address section. |
† Occupation | Refer to Occupation/business fields under “Standardized field instructions”. |
Name of employer | Same instructions (Occupation/business fields) |
Identification of the conductor – person
Fields | Instructions |
---|---|
† Identifier type | Refer to Identification fields under “Standardized field instructions”. |
† If “Other”, please specify | Same instructions (Identification fields) |
† Number associated with identifier type | Same instructions (Identification fields) |
† Jurisdiction of issue (country) | Same instructions (Identification fields) |
† Jurisdiction of issue (province or state) (code) | Same instructions (Identification fields) |
† Jurisdiction of issue (province or state) (name) | Same instructions (Identification fields) |
Conductor – entity
Provide all the information you have on 1, or multiple entities specified as the conductors of the transaction.
Fields | Instructions |
---|---|
† Name of entity | Refer to Name fields under “Standardized field instructions”. |
† Client number | A unique identifying number assigned by the reporting entity to the entity conducting the transaction. |
Apartment/Room/Suite/Unit number | Refer to Address fields under “Standardized field instructions”. |
House/Building number | Same instructions (Address fields) |
† Street address | Same instructions (Address fields) |
† City | Same instructions (Address fields) |
District | Same instructions (Address fields) |
† Country | Same instructions (Address fields) |
† Province or state (code) | Same instructions (Address fields) |
† Province or state (name) | Same instructions (Address fields) |
Sub-province and/or sub-locality | Same instructions (Address fields) |
Postal or zip code | Same instructions (Address fields) |
Unstructured address details | Refer to Unstructured address field under “Standardized field instructions”. |
Telephone number | Refer to Telephone number fields under “Standardized field instructions”. |
Extension | Same instructions (Telephone number fields) |
Email address | Instructions not specified |
† Nature of entity’s principal business | Refer to Occupation/business fields under “Standardized field instructions”. |
‡ Do you have incorporation or registration information? | Instructions not specified |
Incorporated or registered? | Instructions not specified |
† Incorporation number / † Jurisdiction of issue (country, province or state) |
Provide the incorporation number and jurisdiction of issue of the entity conducting the transaction for each jurisdiction where the entity is incorporated. If the jurisdiction is a province or state:
|
† Registration number / † Jurisdiction of issue (country, province or state) |
Provide the registration number and jurisdiction of issue of the entity conducting the transaction for each jurisdiction where the entity is registered. If the jurisdiction is a province or state:
For Canadian entities, a registration number can include the 9-digit business number assigned to that entity by the Canada Revenue Agency (CRA). |
Identification of the conductor – entity
Provide the following information that was used to verify the identity of the entity. For some entities, this information may be the same as the registration or incorporation information.
Fields | Instructions |
---|---|
† Identifier type | Refer to Identification fields under “Standardized field instructions”. |
† If “Other”, please specify | Same instructions (Identification fields) |
† Number associated with identifier type | Same instructions (Identification fields) |
† Jurisdiction of issue (country) | Same instructions (Identification fields) |
† Jurisdiction of issue (province or state) (code) | Same instructions (Identification fields) |
† Jurisdiction of issue (province or state) (name) | Same instructions (Identification fields) |
Person authorized to bind the entity or act with respect to the account (maximum 3)
If the conductor is an entity, you must provide the information for up to 3 persons who are authorized to:
- bind the entity, or
- act with respect to the account
Fields | Instructions |
---|---|
† Surname | Refer to Name fields under “Standardized field instructions”. |
† Given name | Same instructions (Name fields) |
Other/Initial | Same instructions (Name fields) |
Conductor (business account)
Provide the name of conductor (person or entity) if you indicated that this transaction involves a deposit to a business account.
A deposit into a business account is only applicable at an account-based reporting entity such as:
- a financial entity
- a securities dealer, and
- a casino
Fields | Instructions |
---|---|
† Surname | Refer to Name fields under “Standardized field instructions”. |
† Given name | Same instructions (Name fields) |
Other/Initial | Same instructions (Name fields) |
† Name of entity | Same instructions (Name fields) |
On behalf of indicator
Field | Instructions |
---|---|
† Was this transaction conducted on behalf of another person or entity? |
This field is a “Yes/No” question. Select “Yes” if the transaction was conducted on behalf of another person or entity. The “on behalf of” party is also known as:
|
Information about the third party (person on whose behalf the transaction was conducted)
If the transaction was conducted on behalf of another person, you must include the relevant information.
Fields | Instructions |
---|---|
† Surname | Refer to Name fields under “Standardized field instructions”. |
† Given name | Same instructions (Name fields) |
Other/Initial | Same instructions (Name fields) |
Alias | Same instructions (Name fields) |
Client number | Instructions not specified |
Apartment/Room/Suite/Unit number | Refer to Address fields under “Standardized field instructions”. |
House/Building number | Same instructions (Address fields) |
† Street address | Same instructions (Address fields) |
† City | Same instructions (Address fields) |
District | Same instructions (Address fields) |
† Country | Same instructions (Address fields) |
† Province or state (code) | Same instructions (Address fields) |
† Province or state (name) | Same instructions (Address fields) |
Sub-province and/or sub-locality | Same instructions (Address fields) |
Postal or zip code | Same instructions (Address fields) |
Unstructured address details | Refer to Unstructured address field under “Standardized field instructions”. |
Telephone number | Refer to Telephone number fields under “Standardized field instructions”. |
Extension | Same instructions (Telephone number fields) |
Email address | Instructions not specified |
Date of birth | Instructions not specified |
Country of residence |
Enter the primary country of residence for the person. It can be the same or different from the country entered in the address section. |
† Occupation | Refer to Occupation/business fields under “Standardized field instructions”. |
Name of employer | Same instructions (Occupation/business fields) |
Identification of the third party (person on whose behalf the transaction was conducted)
Fields | Instructions |
---|---|
Identifier type | Refer to Identification fields under “Standardized field instructions”. |
† If “Other”, please specify | Same instructions (Identification fields) |
Number associated with identifier type | Same instructions (Identification fields) |
Jurisdiction of issue (country) | Same instructions (Identification fields) |
Jurisdiction of issue (province or state) (code) | Same instructions (Identification fields) |
Jurisdiction of issue (province or state) (name) | Same instructions (Identification fields) |
Relationship of the third party (person named above) to the person or entity conducting the transaction
Fields | Instructions |
---|---|
† Relationship |
Select the relationship of the “on behalf of” party to the person or entity conducting the transaction. The “on behalf of” party is understood to be the person or entity that instructs the person or entity conducting the transaction. |
† If “Other”, please specify | Instructions not specified |
Information about the third party (entity on whose behalf the transaction was conducted)
If the transaction was conducted on behalf of another entity, you must include the relevant information.
Fields | Instructions |
---|---|
† Name of entity | Refer to Identification fields under “Standardized field instructions”. |
Client number | Instructions not specified |
Apartment/Room/Suite/Unit number | Refer to Address fields under “Standardized field instructions”. |
House/Building number | Same instructions (Address fields) |
† Street address | Same instructions (Address fields) |
† City | Same instructions (Address fields) |
District | Same instructions (Address fields) |
† Country | Same instructions (Address fields) |
† Province or state (code) | Same instructions (Address fields) |
† Province or state (name) | Same instructions (Address fields) |
Sub-province and/or sub-locality | Same instructions (Address fields) |
Postal or zip code | Same instructions (Address fields) |
Unstructured address details | Refer to Unstructured address field under “Standardized field instructions”. |
Telephone number | Refer to Telephone number fields under “Standardized field instructions”. |
Extension | Same instructions (Telephone number fields) |
Email address | Instructions not specified |
† Nature of entity’s principal business | Refer to Occupation/business fields under “Standardized field instructions”. |
‡ Do you have incorporation or registration information? | Instructions not specified |
Incorporated or registered? | Instructions not specified |
† Incorporation number / † Jurisdiction of issue (country, province or state) |
Provide the incorporation number and jurisdiction of issue of the entity on whose behalf the transaction was conducted for each jurisdiction where the entity is incorporated. If the jurisdiction is a province or state:
|
† Registration number / † Jurisdiction of issue (country, province or state) |
Provide the registration number and jurisdiction of issue of the entity on whose behalf the transaction was conducted for each jurisdiction where the entity is registered. If the jurisdiction is a province or state:
For Canadian entities, a registration number can include the 9-digit business number assigned to that entity by the Canada Revenue Agency (CRA). |
Identification of the third party (entity on whose behalf the transaction was conducted)
Provide the following information that was used to verify the identity of the entity on whose behalf the transaction was conducted.
For some entities, this information may be the same as the registration or incorporation information.
Fields | Instructions |
---|---|
Identifier type | Refer to Identification fields under “Standardized field instructions”. |
† If “Other”, please specify | Same instructions (Identification fields) |
Number associated with identifier type | Same instructions (Identification fields) |
Jurisdiction of issue (country) | Same instructions (Identification fields) |
Jurisdiction of issue (province or state) (code) | Same instructions (Identification fields) |
Jurisdiction of issue (province or state) (name) | Same instructions (Identification fields) |
Person authorized to bind the third party (entity) or act with respect to the account (maximum 3)
Fields | Instructions |
---|---|
Surname | Refer to Name fields under “Standardized field instructions”. |
Given name | Same instructions (Name fields) |
Other/Initial | Same instructions (Name fields) |
Relationship of the third party (entity named above) to the person or entity conducting the transaction
Fields | Instructions |
---|---|
† Relationship |
Select the relationship of the “on behalf of” party to the person or entity conducting the transaction. The “on behalf of” party is understood to be the person or entity that instructs the person or entity conducting the transaction. |
† If “Other”, please specify | Instructions not specified |
Completing action
Provide information about how the transaction was completed.
* Details of disposition
This field describes what happened to the cash involved in the transaction. Select the following disposition(s) based on the client’s instructions.
Types of dispositions to select from | Instructions |
---|---|
Added to virtual currency wallet |
Select when virtual currency is added to a virtual currency wallet. This cannot be the first disposition. For example, the cash received must be exchanged to virtual currency (first disposition) before it can be added to a virtual currency wallet (subsequent disposition). |
Denomination exchange | Select when the cash received is exchanged from one unit value to another (for example, 20s to 100s) within the same currency. |
Deposit to account | Select when cash is deposited into an account at an account-based reporting entity, such as a bank or credit union. |
Exchange to fiat currency |
Select for:
A virtual currency-to-fiat exchange cannot be the first disposition. The cash received must be exchanged to virtual currency (first disposition) before the virtual currency can be exchanged to fiat (subsequent disposition). |
Exchange to virtual currency |
Select for:
A virtual currency-to-virtual currency exchange cannot be the first disposition. The cash received must be first exchanged to virtual currency (first disposition) before the virtual currency can be exchanged to another virtual currency. |
Holding funds | Select when a non-account-based reporting entity (for example, a money services business) receives cash and holds these funds for a client for the purpose of a future transaction (for example, buy virtual currency when it hits a certain threshold). |
Investment product purchase or deposit | Select when a client buys or makes a deposit to a Guaranteed Investment Contract (GIC), RRSP, stock from an exchange (for example, Toronto Stock Exchange (TSX)), or any other such investments. |
Issued cheque |
Select for the issuance of:
|
Life insurance policy purchase or deposit | Select when a client buys or puts a deposit down to purchase a life insurance policy. |
Outgoing domestic funds transfer | Select when the transaction instructions are for the transfer of funds within Canada. |
Outgoing email money transfer | Select when the funds are transferred using a recipient's email address. |
Outgoing international funds transfer | Select when the transaction instructions are for the transfer of funds outside of Canada. |
Outgoing mobile money transfer | Select when the funds are transferred using a recipient's phone number. |
Outgoing virtual currency transfer |
Select when a reporting entity transfers virtual currency from a client’s virtual currency wallet to another virtual currency wallet. This cannot be the first disposition. For example, the cash received must be exchanged to virtual currency (first disposition) before it can be added to a virtual currency wallet (second disposition) and then transferred to another virtual currency wallet. |
Purchase of bank draft |
Select when a client purchases a bank draft from a financial entity. The term bank draft refers to a negotiable instrument that can be used as payment (similar to a cheque). Unlike a cheque though, a bank draft is guaranteed by the issuing bank. |
Purchase of casino product |
Select when a client purchases a casino product. A casino product can include, but is not limited to:
|
Purchase of jewellery |
Select when a client purchases jewellery from a dealer in precious metals and precious stones. Jewellery means objects made of precious metals, precious stones or pearls that are intended for personal adornment. |
Purchase of money order |
Select when a client purchases a money order. A money order is a certificate, usually issued by a government or financial institution that allows the stated payee to receive cash on demand. A money order functions much like a cheque as the purchaser of the money order may stop the payment. |
Purchase of precious metals |
Select when a client purchases precious metals from a dealer in precious metals and precious stones. Precious metals means:
|
Purchase of precious stones |
Select when a client purchases precious stones from a dealer in precious metals and precious stones. Precious stones means:
|
Purchase of prepaid payment product/card |
Select when a client purchases a prepaid payment product. The product must be tied to a prepaid payment product account held by a financial entity. A prepaid payment product is a product that is issued by a financial entity that enables a person or entity to engage in a transaction by giving them electronic access to funds or to virtual currency paid into a prepaid payment product account held with the financial entity in advance of a transaction taking place. |
Real estate purchase or deposit | Select when a client purchases or puts a deposit down on real estate. |
Purchase of / Payment for goods | Select when a client purchases or pays for goods not already captured by any other disposition type included in the list above (for example, car, yacht). |
Purchase of / Payment of services | Select when a client purchases or pays for services not already captured by any other disposition type included in the list above (for example, cable, internet, hydro). |
Other |
Select when the disposition is not captured by any other disposition type included in the list above. Upon selecting “Other,” you must provide a description of the disposition. “Other” should not be used to combine multiple dispositions that are listed above. Specifically, if the completing action has multiple dispositions that are included in the list above, then each disposition should be selected and not combined under “Other”. Note: If the disposition is “Other”, provide details that describe the disposition of the transaction in the field “† If “Other”, please specify”. |
Number of dispositions in a completing action
A completing action may have 1 or more dispositions, depending on the client’s instructions and your business process.
Example 1: A single disposition
Your client brings in $12,000 cash and instructs to deposit the entire amount into the client’s savings account.
There is only 1 disposition:
- “deposit to account”.
Example 2: Multiple dispositions
Your client brings in $12,000 cash and instructs to:
- deposit $5,000 into the client’s savings account, and
- exchange $7,000 to bills in a larger denomination
There are 2 dispositions:
- “deposit to account”, and
- “denomination exchange”
Example 3: A single disposition or multiple dispositions (depending on your business process)
Your client brings in $12,000 cash and instructs to transfer $12,000 to a friend outside Canada.
Financial entity
If your business process is to:
- deposit the cash into the client’s account before the amount is sent to the client’s friend, there are 2 dispositions:
- “deposit to account”, and
- “outgoing international funds transfer”
- send the amount to the friend without depositing into an account, then there is 1 disposition:
- “outgoing international funds transfer”
Money services business
If your business process is to:
- hold the funds until a later date on which you send the amount, there are 2 dispositions:
- “holding funds”, and
- “outgoing international funds transfer”
- send the amount to the friend without holding the funds, then there is 1 disposition:
- “outgoing international funds transfer”
Completing action fields – continued
Fields | Instructions |
---|---|
† Amount |
Enter the amount involved in the completing action. For example, this may be the amount of:
|
† Currency |
If the disposition involves a fiat currency, enter the currency even if it was in Canadian dollars. If the currency type is not in the list provided, you must select “Other” and provide the name of the currency. |
† Virtual currency type | Instructions not specified |
† If “Other”, please specify | Instructions not specified |
Exchange rate | Provide the rate of exchange that you used for the transaction. |
† Value in Canadian dollars |
Provide the Canadian dollar value of the disposition if it is not funds. This may be the market, retail or other value that you would use in the ordinary course of your business at the time of transaction, and as detailed by and in accordance with your policies and procedures. |
† Reference number |
If the transaction involved a reference number, provide it in this field. If the transaction involves an account at a financial entity, securities dealer or casino (account-based reporting entity), do not provide the account number information in this field—instead, provide that information in the account number field. For all other reporting entities, if you have an internal account number that is used as a reference number, then provide the internal account number in this field. |
Other number related to reference number | Provide any other number related to the reference number as applicable. |
† Financial institution number | Instructions not specified |
† Branch number | Instructions not specified |
† Account number |
If the transaction involves an account at a financial entity, securities dealer or casino (account-based reporting entities), provide that account number. If you are not an account-based reporting entity (for example, a money services business), but the transaction involves an account at an account-based reporting entity (for example, a financial entity), provide that account number in this field. |
† Account type | Instructions not specified |
† If “Other”, please specify | Instructions not specified |
† Account currency | Instructions not specified |
Date account opened | Instructions not specified |
Account holder – person
Fields | Instructions |
---|---|
† Surname | Refer to Name fields under “Standardized field instructions”. |
† Given name | Same instructions (Name fields) |
Other/Initial | Same instructions (Name fields) |
Account holder – entity
Field | Instructions |
---|---|
† Name of entity | Refer to Name fields under “Standardized field instructions”. |
Involved in the completing action
Field | Instructions |
---|---|
‡ Was there any other person or entity involved in the completing action? | Instructions not specified |
Person involved in the completing action
If you have information about other persons involved in the completing action, you must include it.
Note: These persons cannot be:
- the conductor
- on behalf of party, or
- beneficiary of the transaction
Fields | Instructions |
---|---|
† Surname | Refer to Name fields under “Standardized field instructions”. |
† Given name | Same instructions (Name fields) |
Other/initial | Same instructions (Name fields) |
† Account number |
Provide the account number of the person involved in the completing action. It is acceptable to include the financial institution number and branch number as part of an account number. |
† Policy number | Instructions not specified |
† Identifying number | Instructions not specified |
Entity involved in the completing action
If you have information about other entities involved in the completing action, you must include it.
Note: These entities cannot be:
- the conductor
- on behalf of party, or
- beneficiary of the transaction
Fields | Instructions |
---|---|
† Name of entity | Refer to Name fields under “Standardized field instructions”. |
† Account number |
Provide the account number of the entity involved in the completing action. It is acceptable to include the financial institution number and branch number as part of an account number. |
† Policy number | Instructions not specified |
† Identifying number | Instructions not specified |
Beneficiary
Provide beneficiary information for each completing action.
A beneficiary, for example, can be:
- the person who receives the virtual currency
- the person named on a money order, or
- the person who receives the jewellery
The beneficiary can be the same person or entity that conducts the transaction or someone else.
The beneficiary cannot be the reporting entity.
Person beneficiary
Fields | Instructions |
---|---|
† Surname | Refer to Name fields under “Standardized field instructions”. |
† Given name | Same instructions (Name fields) |
Other/Initial | Same instructions (Name fields) |
Alias | Same instructions (Name fields) |
Client number | Instructions not specified |
Apartment/Room/Suite/Unit number | Refer to Address fields under “Standardized field instructions”. |
House/Building number | Same instructions (Address fields) |
Street address | Same instructions (Address fields) |
City | Same instructions (Address fields) |
District | Same instructions (Address fields) |
Country | Same instructions (Address fields) |
Province or state (code) | Same instructions (Address fields) |
Province or state (name) | Same instructions (Address fields) |
Sub-province and/or sub-locality | Same instructions (Address fields) |
Postal or zip code | Same instructions (Address fields) |
Unstructured address details | Refer to Unstructured address field under “Standardized field instructions”. |
Telephone number | Refer to Telephone number fields under “Standardized field instructions”. |
Extension | Same instructions (Telephone number fields) |
Email address | Instructions not specified |
Date of birth | Instructions not specified |
Country of residence |
Enter the primary country of residence for the person. It can be the same or different from the country entered in the address section. |
Occupation | Refer to Occupation/business fields under “Standardized field instructions”. |
Name of employer | Same instructions (Occupation/business fields) |
Identification of the person beneficiary
Fields | Instructions |
---|---|
Identifier type | Refer to Identification fields under “Standardized field instructions”. |
† If “Other”, please specify | Same instructions (Identification fields) |
Number associated with identifier type | Same instructions (Identification fields) |
Jurisdiction of issue (country) | Same instructions (Identification fields) |
Jurisdiction of issue (province or state) (code) | Same instructions (Identification fields) |
Jurisdiction of issue (province or state) (name) | Same instructions (Identification fields) |
Relationship of the beneficiary (person named above) to the person or entity conducting the transaction
Fields | Instructions |
---|---|
Relationship |
Select the relationship of the beneficiary to the person or entity conducting the transaction. If the beneficiary and conductor are the same, select “self.” |
† If “Other”, please specify | Instructions not specified |
Entity beneficiary
Fields | Instructions |
---|---|
† Name of entity | Refer to Identification fields under “Standardized field instructions”. |
Client number | Instructions not specified |
Apartment/Room/Suite/Unit number | Refer to Address fields under “Standardized field instructions”. |
House/Building number | Same instructions (Address fields) |
Street address | Same instructions (Address fields) |
City | Same instructions (Address fields) |
District | Same instructions (Address fields) |
Country | Same instructions (Address fields) |
Province or state (code) | Same instructions (Address fields) |
Province or state (name) | Same instructions (Address fields) |
Sub-province and/or sub-locality | Same instructions (Address fields) |
Postal or zip code | Same instructions (Address fields) |
Unstructured address details | Refer to Unstructured address field under “Standardized field instructions”. |
Telephone number | Refer to Telephone number fields under “Standardized field instructions”. |
Extension | Same instructions (Telephone number fields) |
Email address | Instructions not specified |
Nature of entity’s principal business | Refer to Occupation/business fields under “Standardized field instructions”. |
‡ Do you have incorporation or registration information? | Instructions not specified |
Incorporated or registered? | Instructions not specified |
Incorporation number / Jurisdiction of issue (country, province or state) |
Provide the incorporation number and jurisdiction of issue of the entity that is the beneficiary for each jurisdiction where the entity is incorporated. If the jurisdiction is a province or state:
|
Registration number / Jurisdiction of issue (country, province or state) |
Provide the registration number and jurisdiction of issue of the entity that is the beneficiary for each jurisdiction where the entity is registered. If the jurisdiction is a province or state:
For Canadian entities, a registration number can include the 9-digit business number assigned to that entity by the Canada Revenue Agency (CRA). |
Identification of the entity beneficiary
Provide the following information that was used to verify the identity of the entity that is a beneficiary.
For some entities, this information may be the same as the registration or incorporation information.
Fields | Instructions |
---|---|
Identifier type | Refer to Identification fields under “Standardized field instructions”. |
† If “Other”, please specify | Same instructions (Identification fields) |
Number associated with identifier type | Same instructions (Identification fields) |
Jurisdiction of issue (country) | Same instructions (Identification fields) |
Jurisdiction of issue (province or state) (code) | Same instructions (Identification fields) |
Jurisdiction of issue (province or state) (name) | Same instructions (Identification fields) |
Person authorized to bind the entity beneficiary or act with respect to the account (maximum 3)
Fields | Instructions |
---|---|
Surname | Refer to Name fields under “Standardized field instructions”. |
Given name | Same instructions (Name fields) |
Other/Initial | Same instructions (Name fields) |
Relationship of the entity beneficiary named above to the person or entity conducting the transaction
Fields | Instructions |
---|---|
Relationship |
Select the relationship of the beneficiary to the person or entity conducting the transaction. If the beneficiary and conductor are the same, select “self.” |
† If “Other”, please specify | Instructions not specified |
Annex B: Scenarios
The following scenarios demonstrate form completion and the expected field information in a Large Cash Transaction Report based on the client’s instructions and transaction(s) in each scenario.
Note about these scenarios
- Not all fields of the Large Cash Transaction Report form are displayed.
- Only fields with completed information are displayed.
- Some fields have been combined for the purpose of brevity. For example, conductor name, address, telephone number and other conductor fields have been combined as conductor information.
- Because some fields are mandatory and some are not, it has been assumed that the reporting entity had the information if a field has been completed.
- For large cash transaction scenarios related to the 24-hour rule, refer to:
In this annex
Scenario B.1: Multiple transactions
Scenario
Bruno Brown walked into XYZ Bank and instructed the bank to deposit:
- $5,000 CAD into the Super Fun Video Games Company’s business account, and
- $5,000 USD into his personal account
Bruno Brown advised the bank that he was a customer of Super Fun Video Games Company.
XYZ Bank was not able to obtain the source of cash for the $5,000 CAD nor the $5,000 USD.
Expected field information in the report
Because XYZ Bank’s process is to treat these instructions as 2 transactions, the bank submits a Large Cash Transaction Report with the following information.
General information – Scenario B.1
Fields | Information provided by XYZ Bank |
---|---|
Reporting entity number | The reporting entity number assigned to XYZ Bank when it enrolled with FINTRAC Web Reporting System (FWR) |
Reporting entity report reference number |
The unique number for this report that was assigned by:
|
Activity sector | Bank |
Contact information for this report | Information about the person at XYZ Bank that FINTRAC can liaise with in the event that a follow up is required |
Aggregation type | Conductor |
24-hour period for aggregation | XYZ Bank’s 24-hour window for aggregation as indicated by the start and end times |
Transaction information – Scenario B.1
Fields | Information provided for transaction 1 of 2 | Information provided for transaction 2 of 2 |
---|---|---|
Date and time of transaction | The date and time the cash was received by XYZ Bank | The date and time the cash was received by XYZ Bank |
Method of transaction | In person | In person |
Threshold indicator | Below threshold | Below threshold |
Reporting entity transaction reference number |
The unique number for this transaction that was assigned by:
|
The unique number for this transaction that was assigned by:
|
Reporting entity location number | Information about where the transaction took place | Information about where the transaction took place |
Starting action – Scenario B.1
Fields | Information provided for starting action 1 of transaction 1 | Information provided for starting action 1 of transaction 2 |
---|---|---|
Amount | 5,000 | 5,000 |
Currency | CAD | USD |
Was information about the source (person /entity) of cash obtained? | No | No |
Does this transaction involve a deposit to a business account other than a night deposit or quick drop? | Yes | No |
Conductor information |
Information that XYZ Bank has on Bruno Brown, including:
|
Information that XYZ Bank has on Bruno Brown, including:
|
Was this transaction conducted on behalf of another person or entity? | No | No |
Completing action – Scenario B.1
Fields | Information provided for completing action 1 of transaction 1 | Information provided for completing action 1 of transaction 2 |
---|---|---|
Details of disposition | Deposit to account | Deposit to account |
Amount | 5,000 | 5,000 |
Currency | CAD | USD |
Financial institution number and branch number | For XYZ Bank | For XYZ Bank |
Account number and account information | For the business account of Super Fun Video Games Company | For the personal account of Bruno Brown |
Account holder | Super Fun Video Games Company | Bruno Brown |
Was there any other person or entity involved in the completing action? | No | No |
Beneficiary information |
Information that XYZ Bank has on Super Fun Video Games Company including:
|
Information that XYZ Bank has on Bruno Brown including:
|
Relationship of the entity named above (beneficiary) to the person conducting the transaction | Vendor / Supplier | Self |
Infographic summarizing scenario B.1
Scenario B.2: Multiple completing actions
Scenario
Odette Orange brings $10,500 cash to ABC Credit Union. Odette Orange instructs the teller to:
- deposit $5,500 into her account so she can save for a vacation
- exchange the remaining $5,000 into Euro, and
- send the Euro amount to Olive Green in Ireland for a wedding gift
The credit union follows its policies and procedures on reasonable measures and asks Odette Orange where the money came from.
Odette Orange tells the credit union that she obtained the cash when she sold her boat to Benjamin Black.
Although Odette Orange is able to provide Benjamin Black’s name to the credit union, she is not able to provide any other source of cash information (such as account number, policy number or identifying number).
The exchange rate to convert CAD into Euro is 0.680586 and Olive Green has an account at The Celadon Bank in Dublin, Ireland.
In order to complete Odette Orange’s instructions, the teller follows the credit union’s business process and does the following:
- deposits the entire cash amount of $10,500 into Odette Orange’s account
- withdraws $5,000 to exchange into Euro
- sends the Euro amount to Olive Green
Expected field information in the report
ABC Credit Union submits a Large Cash Transaction Report with the following information.
General information – Scenario B.2
Fields | Information provided by ABC Credit Union |
---|---|
Reporting entity number | The reporting entity number assigned to ABC Credit Union when it enrolled with FINTRAC Web Reporting System (FWR) |
Reporting entity report reference number |
The unique number for this report that was assigned by:
|
Activity sector | Credit Union |
Contact information for this report | Information about the person at ABC Credit Union that FINTRAC can liaise with in the event that a follow up is required |
Aggregation type | Not applicable |
24-hour period for aggregation | ABC Credit Union’s 24-hour window for aggregation as indicated by the start and end times |
Transaction information – Scenario B.2
Fields | Information provided for transaction 1 of 1 |
---|---|
Date and time of transaction | The date and time the cash was received by ABC Credit Union |
Method of transaction | In person |
Threshold indicator | Above threshold |
Reporting entity transaction reference number |
The unique number for this transaction that was assigned by:
|
Purpose of transaction | Saving for vacation and wedding gift for friend in Ireland |
Reporting entity location number | Information about where the transaction took place |
Starting action – Scenario B.2
Fields | Information provided for starting action 1 of transaction 1 |
---|---|
Amount | 10,500 |
Currency | CAD |
How was the cash obtained? | Sale of boat |
Was information about the source (person/entity) of cash obtained? | Yes |
Source of cash | Benjamin Black |
Does this transaction involve a deposit to a business account other than a night deposit or quick drop? | No |
Conductor information |
Information that ABC Credit Union has on Odette Orange including:
|
Was this transaction conducted on behalf of another person or entity? | No |
Completing action – Scenario B.2
Fields | Information provided for completing action 1 of transaction 1 | Information provided for completing action 2 of transaction 1 | Information provided for completing action 3 of transaction 1 |
---|---|---|---|
Details of disposition | Deposit to account | Exchange to fiat currency | Outgoing international funds transfer |
Amount | 10,500 | 3,402.93 | 3,402.93 |
Currency | CAD | EUR | EUR |
Exchange rate | [Field left blank because not applicable] | 0.680586 | [Field left blank because not applicable] |
Financial institution number and branch number | For ABC Credit Union | [Field left blank because not applicable] | [Field left blank because not applicable] |
Account number and account information | For the personal account of Odette Orange | [Field left blank because not applicable] | For Olive Green’s account at The Celadon Bank in Dublin, Ireland |
Account holder | Odette Orange | [Field left blank because not applicable] | Olive Green |
Was there any other person or entity involved in the completing action? | No | No | No |
Beneficiary information |
Information that ABC Credit Union has on Odette Orange including:
|
Information that ABC Credit Union has on Odette Orange including:
|
Olive Green’s name. Also, if obtained, information about Olive Green including:
|
Relationship of the person named above (beneficiary) to the person conducting the transaction | Self | Self | Friend |
Infographic summarizing scenario B.2
Scenario B.3: Virtual currency exchange
Scenario
Vicky Violet walked into the ABC Exchange Company and exchanged $20,000 in cash for Litecoin.
Expected field information in the report
ABC Exchange Company submits a Large Cash Transaction Report with the following information.
General information – Scenario B.3
Fields | Information provided by ABC Exchange Company |
---|---|
Reporting entity number | The reporting entity number assigned to ABC Exchange Company when it enrolled with FINTRAC Web Reporting System (FWR) |
Reporting entity report reference number |
The unique number for this report that was assigned by:
|
Activity sector | Money services business |
Contact information for this report | Information about the person at ABC Exchange Company that FINTRAC can liaise with in the event that a follow up is required |
Aggregation type | Not applicable |
24-hour period for aggregation | ABC Exchange Company’s 24-hour window for aggregation as indicated by the start and end times |
Transaction information – Scenario B.3
Fields | Information provided for transaction 1 of 1 |
---|---|
Date and time of transaction | The date and time the cash was received by ABC Exchange Company |
Method of transaction | In person |
Threshold indicator | Above threshold |
Reporting entity transaction reference number |
The unique number for this transaction that was assigned by:
|
Reporting entity location number | Information about where the transaction took place |
Starting action – Scenario B.3
Fields | Information provided for starting action 1 of transaction 1 |
---|---|
Amount | 20,000 |
Currency | CAD |
Was information about the source (person /entity) of cash obtained? | No |
Does this transaction involve a deposit to a business account other than a night deposit or quick drop? | No |
Conductor information |
Information that ABC Exchange Company has on Vicky Violet, including:
|
Was this transaction conducted on behalf of another person or entity? | No |
Completing action – Scenario B.3
Fields | Information provided for completing action 1 of transaction 1 |
---|---|
Details of disposition | Exchange to virtual currency |
Amount | 279.18 |
Virtual currency type | Litecoin |
Exchange rate | 0.013959 |
Reference number and other related numbers | Reference number assigned by ABC Exchange Company or its service provider, if applicable, and any other related numbers |
Was there any other person or entity involved in the completing action? | No |
Beneficiary information |
Information that ABC Exchange Company has on Vicky Violet including:
|
Relationship of the entity named above (beneficiary) to the person conducting the transaction | Self |
Infographic summarizing scenario B.3
Scenario B.4a: Outgoing international funds transfer – Person conductor
Scenario
Thomas Tangerine walked into One Stop Money Shop with €10,000 where he:
- instructed the money services business to send the funds to ABC Enterprises in Italy to pay for pots and pans, and
- advised the money services business that he was sending the funds on behalf of his employer, Kitchen Supply Company
Expected field information in the report
One Stop Money Shop submits a Large Cash Transaction Report with the following information.
General information – Scenario B.4a
Fields | Information provided by One Stop Money Shop |
---|---|
Reporting entity number | The reporting entity number assigned to One Stop Money Shop when it enrolled with FINTRAC Web Reporting System (FWR) |
Reporting entity report reference number |
The unique number for this report that was assigned by:
|
Activity sector | Money services business |
Contact information for this report | Information about the person at One Stop Money Shop that FINTRAC can liaise with in the event that a follow up is required |
Aggregation type | Not applicable |
24-hour period for aggregation | One Stop Money Shop’s 24-hour window for aggregation as indicated by the start and end times |
Transaction information – Scenario B.4a
Fields | Information provided for transaction 1 of 1 |
---|---|
Date and time of transaction | The date and time the cash was received by One Stop Money Shop |
Method of transaction | In person |
Threshold indicator | Above threshold |
Reporting entity transaction reference number |
The unique number for this transaction that was assigned by:
|
Purpose of transaction | Payment for kitchen supplies (pots and pans) |
Reporting entity location number | Information about where the transaction took place |
Starting action – Scenario B.4a
Fields | Information provided for starting action 1 of transaction 1 |
---|---|
Amount | 10,000 |
Currency | EUR |
Was information about the source (person /entity) of cash obtained? | No |
Does this transaction involve a deposit to a business account other than a night deposit or quick drop? | No |
Conductor information |
Information that One Stop Money Shop has on Thomas Tangerine, including:
|
Was this transaction conducted on behalf of another person or entity? | Yes |
Information about the third party on whose behalf the transaction was conducted |
Information that One Stop Money Shop has or obtained on Kitchen Supply Company including:
|
Relationship of the entity named above (third party) to the person conducting the transaction | Employer |
Completing action – Scenario B.4a
Fields | Information provided for completing action 1 of transaction 1 |
---|---|
Details of disposition | Outgoing international funds transfer |
Amount | 10,000 |
Currency | EUR |
Reference number and other related numbers | Reference number assigned by One Stop Money Shop or its service provider, if applicable, and any other related numbers |
Account number and account information | For ABC Enterprises’ bank account in Italy |
Account holder | ABC Enterprises |
Was there any other person or entity involved in the completing action? | No |
Beneficiary information |
Name of ABC Enterprises Also, if obtained, information about ABC Enterprises including:
|
Relationship of the entity named above (beneficiary) to the person conducting the transaction | Vendor / Supplier |
Note: One Stop Money Shop must also submit an Electronic Funds Transfer Report to FINTRAC as it initiated an electronic funds transfer for an amount that is over $10,000 CAD.
For more information:
Infographic summarizing scenario B.4a
Scenario B.4b: Outgoing international funds transfer – Entity conductor
Scenario
Sophie Blue, CEO of Kitchen Supply Company, walked into One Stop Money Shop with €10,000 and did the following:
- instructed One Stop Money Shop to transfer the money to ABC Enterprises in Italy to pay for pots and pans that she had ordered for her company
- advised One Stop Money Shop that she is the CEO of Kitchen Supply Company
According to One Stop Money Shop’s policies and procedures, an entity will be reported as the conductor when:
- the CEO of the entity conducts a transaction and
- the CEO is representing the company —in other words, the company is conducting the transaction
Expected field information in the report
One Stop Money Shop submits a Large Cash Transaction Report with the following information.
General information – Scenario B.4b
Fields | Information provided by One Stop Money Shop |
---|---|
Reporting entity number | The reporting entity number assigned to One Stop Money Shop when it enrolled with FINTRAC Web Reporting System (FWR) |
Reporting entity report reference number |
The unique number for this report that was assigned by:
|
Activity sector | Money services business |
Contact information for this report | Information about the person at One Stop Money Shop that FINTRAC can liaise with in the event that a follow up is required |
Aggregation type | Not applicable |
24-hour period for aggregation | One Stop Money Shop’s 24-hour window for aggregation as indicated by the start and end times |
Transaction information – Scenario B.4b
Fields | Information provided for transaction 1 of 1 |
---|---|
Date and time of transaction | The date and time the cash was received by One Stop Money Shop |
Method of transaction | In person |
Threshold indicator | Above threshold |
Reporting entity transaction reference number |
The unique number for this transaction that was assigned by:
|
Purpose of transaction | Payment for kitchen supplies (pots and pans) |
Reporting entity location number | Information about where the transaction took place |
Starting action – Scenario B.4b
Fields | Information provided for starting action 1 of transaction 1 |
---|---|
Amount | 10,000 |
Currency | EUR |
Was information about the source (person /entity) of cash obtained? | No |
Does this transaction involve a deposit to a business account other than a night deposit or quick drop? | No |
Conductor information |
Information that One Stop Money Shop has on the Kitchen Supply Company, including:
|
Was this transaction conducted on behalf of another person or entity? | No |
Completing action – Scenario B.4b
Fields | Information provide for completing action 1 of transaction 1 |
---|---|
Details of disposition | Outgoing international funds transfer |
Amount | 10,000 |
Currency | EUR |
Reference number and other related numbers | Reference number assigned by One Stop Money Shop or its service provider, if applicable, and any other related numbers |
Account number and account information | For ABC Enterprises’ bank account in Italy |
Account holder | ABC Enterprises |
Was there any other person or entity involved in the completing action? | No |
Beneficiary information |
Name of ABC Enterprises Also, if obtained, information about ABC Enterprises including:
|
Relationship of the entity named above (beneficiary) to the person conducting the transaction | Vendor / Supplier |
Note: One Stop Money Shop must also submit an Electronic Funds Transfer Report to FINTRAC as it initiated an electronic funds transfer for an amount that is over $10,000 CAD.
For more information:
Infographic summarizing scenario B.4b
For assistance
If you have questions about this guidance, please contact FINTRAC by email at guidelines-lignesdirectrices@fintrac-canafe.gc.ca.
Definitions
- Accountant
A chartered accountant, a certified general accountant, a certified management accountant or, if applicable, a chartered professional accountant. (comptable)
Reference:
Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR), SOR/2002-184, s. 1(2).- Accounting firm
An entity that is engaged in the business of providing accounting services to the public and has at least one partner, employee or administrator that is an accountant. (cabinet d'expertise comptable)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Act
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). (la Loi)
Reference:
Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations (PCMLTFAMPR), SOR/2007-292, s. 1, Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations (PCMLTFRR), SOR/2007-121, s. 1, PCMLTFR, SOR/2002-184, s. 1(2), and Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations (PCMLTFSTRR), SOR/2001-317, s. 1(2).- Administrative monetary penalties (AMPs)
Civil penalties that may be issued to reporting entities by FINTRAC for non-compliance with the PCMLTFA and associated Regulations. (pénalité administrative pécuniaire [PAP])
- Affiliate
An entity is affiliated with another entity if one of them is wholly owned by the other, if both are wholly owned by the same entity or if their financial statements are consolidated. (entité du même groupe)
Reference:
PCMLTFR, SOR/2002-184, s. 4.- Annuity
Has the same meaning as in subsection 248(1) of the Income Tax Act. (rente)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Armoured cars
Persons or entities that are engaged in the business of transporting currency, money orders, traveller’s cheques or other similar negotiable instruments. (Véhicules blindés)
- As soon as practicable
A time period that falls in-between immediately and as soon as possible, within which a suspicious transaction report (STR) must be submitted to FINTRAC. The completion and submission of the STR should take priority over other tasks. In this context, the report must be completed promptly, taking into account the facts and circumstances of the situation. While some delay is permitted, it must have a reasonable explanation. (aussitôt que possible)
- Attempted transaction
Occurs when an individual or entity starts to conduct a transaction that is not completed. For example, a client or a potential client walks away from conducting a $10,000 cash deposit. (opération tentée)
- Authentic
In respect of verifying identity, means genuine and having the character of an original, credible, and reliable document or record. (authentique)
- Authorized person
A person who is authorized under subsection 45(2). (personne autorisée)
Reference:
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), S.C. 2000, c 17, s. 2(1).- Authorized user
A person who is authorized by a holder of a prepaid payment product account to have electronic access to funds or virtual currency available in the account by means of a prepaid payment product that is connected to it. (utilisateur autorisé)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Beneficial owner(s)
Beneficial owners are the individuals who are the trustees, and known beneficiaries and settlors of a trust, or who directly or indirectly own or control 25% or more of i) the shares of a corporation or ii) an entity other than a corporation or trust, such as a partnership. The ultimate beneficial owner(s) cannot be another corporation or entity; it must be the actual individual(s) who owns or controls the entity. (bénéficiaire effectif)
- Beneficiary
A beneficiary is the individual or entity that will benefit from a transaction or to which the final remittance is made. (bénéficiaire)
- Branch
A branch is a part of your business at a distinct location other than your main office. (succursale)
- British Columbia notary corporation
An entity that carries on the business of providing notary services to the public in British Columbia in accordance with the Notaries Act, R.S.B.C. 1996, c. 334. (société de notaires de la Colombie-Britannique)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- British Columbia notary public
A person who is a member of the Society of Notaries Public of British Columbia. (notaire public de la Colombie-Britannique)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Cash
Coins referred to in section 7 of the Currency Act, notes issued by the Bank of Canada under the Bank of Canada Act that are intended for circulation in Canada or coins or bank notes of countries other than Canada. (espèces)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2) and PCMLTFSTRR, SOR/2001-317, s. 1(2).- Casino
A government, organization, board or operator that is referred to in any of paragraphs 5(k) to (k.3) of the Act. (casino)
Reference:
PCMLTFR, SOR/2002-184, s 1(2) and PCMLTFSTRR, SOR/2001-317, s. 1(2).- Certified translator
An individual that holds the title of professional certified translator granted by a Canadian provincial or territorial association or body that is competent under Canadian provincial or territorial law to issue such certification. (traducteur agréé)
- Clarification request
A clarification request is a method used to communicate with money services businesses (MSBs) or foreign money services businesses (FMSBs) when FINTRAC needs more information about their registration form. This request is usually sent by email. (demande de précisions)
- Client
A person or entity that engages in a financial transaction with another person or entity. (client)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Client identification information
The identifying information that you have obtained on your clients, such as name, address, telephone number, occupation or nature of principal business, and date of birth for an individual. (renseignements d'identification du client)
- Competent authority
For the purpose of the criminal record check submitted with an application for registration, a competent authority is any person or organization that has the legally delegated or invested authority, capacity, or power to issue criminal record checks. (autorité compétente)
- Completed transaction
Is a transaction conducted by a person or entity, that is completed and results in the movement of funds, virtual currency, or the purchase or sale of an asset. (opération effectuée)
- Completing action
With respect to a reportable transaction, information related to the instructions provided by the person or entity making the request to the reporting entity to complete a transaction. For example, an individual arrives at a bank and requests to purchase a bank draft. The completing action is the details of how the reporting entity fulfilled the person or entity’s instructions which led to the transaction being completed. This includes what the funds or virtual currency initially brought to the reporting entity was used for (see “disposition”). A transaction may have one or more completing actions depending on the instructions provided by the person or entity. (action d’achèvement)
- Compliance officer
The individual, with the necessary authority, that you appoint to be responsible for the implementation of your compliance program. (agent de conformité)
- Compliance policies and procedures
Written methodology outlining the obligations applicable to your business under the PCMLTFA and its associated Regulations and the corresponding processes and controls you put in place to address your obligations. (politiques et procédures de conformité)
- Compliance program
All elements (compliance officer, policies and procedures, risk assessment, training program, effectiveness review) that you, as a reporting entity, are legally required to have under the PCMLTFA and its associated Regulations to ensure that you meet all your obligations. (programme de conformité)
- Context
Clarifies a set of circumstances or provides an explanation of a situation or financial transaction that can be understood and assessed. (contexte)
- Correspondent banking relationship
A relationship created by an agreement or arrangement under which an entity referred to in any of paragraphs 5(a), (b), (d),(e) and (e.1) or an entity that is referred to in section 5 and that is prescribed undertakes to provide to a prescribed foreign entity prescribed services or international electronic funds transfers, cash management or cheque clearing services. (relation de correspondant bancaire)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 9.4(3) and PCMLTFR, SOR/2002-184, s. 16(1)(b).- Country of residence
The country where an individual has lived continuously for 12 months or more. The individual must have a dwelling in the country concerned. For greater certainty, a person only has one country of residence no matter how many dwelling places they may have, inside or outside of that country. (pays de résidence)
- Credit card acquiring business
A credit card acquiring business is a financial entity that has an agreement with a merchant to provide the following services:
- enabling a merchant to accept credit card payments by cardholders for goods and services and to receive payments for credit card purchases;
- processing services, payment settlements and providing point-of-sale equipment (such as computer terminals); and
- providing other ancillary services to the merchant.
- Credit union central
A central cooperative credit society, as defined in section 2 of the Cooperative Credit Associations Act, or a credit union central or a federation of credit unions or caisses populaires that is regulated by a provincial Act other than one enacted by the legislature of Quebec. (centrale de caisses de crédit)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Crowdfunding platform
A website or an application or other software that is used to raise funds or virtual currency through donations. (plateforme de sociofinancement)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Crowdfunding platform services
The provision and maintenance of a crowdfunding platform for use by other persons or entities to raise funds or virtual currency for themselves or for persons or entities specified by them. (services de plateforme de sociofinancement)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Current
In respect of a document or source of information that is used to verify identity, is up to date, and, in the case of a government-issued photo identification document, must not have been expired when the ID was verified. (à jour)
- Dealer in precious metals and stones
A person or entity that, in the course of their business activities, buys or sells precious metals, precious stones or jewellery. It includes a department or an agent of His Majesty in right of Canada or an agent or mandatary of His Majesty in right of a province when the department or the agent or mandatary carries out the activity, referred to in subsection 65(1), of selling precious metals to the public. (négociant en métaux précieux et pierres précieuses)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Deferred profit sharing plan
Has the same meaning as in subsection 248(1) of the Income Tax Act. (régime de participation différée aux bénéfices)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Deposit slip
A record that sets out:
- (a) the date of the deposit;
- (b) the name of the person or entity that makes the deposit;
- (c) the amount of the deposit and of any part of it that is made in cash;
- (d) the method by which the deposit is made; and
- (e) the number of the account into which the deposit is made and the name of each account holder.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Directing services
A business is directing services at persons or entities in Canada if at least one of the following applies:
- The business's marketing or advertising is directed at persons or entities located in Canada;
- The business operates a ".ca" domain name; or,
- The business is listed in a Canadian business directory.
Additional criteria may be considered, such as if the business describes its services being offered in Canada or actively seeks feedback from persons or entities in Canada. (diriger des services)
- Distributed ledger
For the purpose of section 151 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR), a digital ledger that is maintained by multiple persons or entities and that can only be modified by a consensus of those persons or entities. (registres distribués)
Reference:
PCMLTFR, SOR/2002-184, s. 151(2).- Disposition
With respect to a reportable transaction, the disposition is what the funds or virtual currency was used for. For example, an individual arrives at a bank with cash and purchases a bank draft. The disposition is the purchase of the bank draft. (répartition)
- Electronic funds transfer
The transmission—by any electronic, magnetic or optical means—of instructions for the transfer of funds, including a transmission of instructions that is initiated and finally received by the same person or entity. In the case of SWIFT messages, only SWIFT MT-103 messages and their equivalent are included. It does not include a transmission or instructions for the transfer of funds:
- (a) that involves the beneficiary withdrawing cash from their account;
- (b) that is carried out by means of a direct deposit or pre-authorized debit;
- (c) that is carried out by cheque imaging and presentment
- (d) that is both initiated and finally received by persons or entities that are acting to clear or settle payment obligations between themselves; or
- (e) that is initiated or finally received by a person or entity referred to in paragraphs 5(a) to (h.1) of the Act for the purpose of internal treasury management, including the management of their financial assets and liabilities, if one of the parties to the transaction is a subsidiary of the other or if they are subsidiaries of the same corporation.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Employees profit sharing plan
Has the same meaning as in subsection 248(1) of the Income Tax Act. (régime de participation des employés aux bénéfices)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Entity
A body corporate, a trust, a partnership, a fund or an unincorporated association or organization. (entité)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Facts
Actual events, actions, occurrences or elements that exist or are known to have happened or existed. Facts are not opinions. For example, facts surrounding a transaction or multiple transactions could include the date, time, location, amount or type of transaction or could include the account details, particular business lines, or the client's financial history. (faits)
- Family member
For the purposes of subsection 9.3(1) of the Act, a prescribed family member of a politically exposed foreign person, a politically exposed domestic person or a head of an international organization is:
- (a) their spouse or common-law partner;
- (b) their child;
- (c) their mother or father;
- (d) the mother or father of their spouse or common-law partner; or
- (e) a child of their mother or father.
Reference:
PCMLTFR, SOR/2002-184, s. 2(1).- Fiat currency
A currency that is issued by a country and is designated as legal tender in that country. (monnaie fiduciaire)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2) and PCMLTFSTRR, SOR/2001-317, s. 1(2).- Final receipt
In respect of an electronic funds transfer, means the receipt of the instructions by the person or entity that is to make the remittance to a beneficiary. (destinataire)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Financial entity
Means:
- (a) an entity that is referred to in any of paragraphs 5(a), (b) and (d) to (f) of the Act;
- (b) a financial services cooperative;
- (c) a life insurance company, or an entity that is a life insurance broker or agent, in respect of loans or prepaid payment products that it offers to the public and accounts that it maintains with respect to those loans or prepaid payment products, other than:
- (i) loans that are made by the insurer to a policy holder if the insured person has a terminal illness that significantly reduces their life expectancy and the loan is secured by the value of an insurance policy;
- (ii) loans that are made by the insurer to the policy holder for the sole purpose of funding the life insurance policy; and
- (iii) advance payments to which the policy holder is entitles that are made to them by the insurer;
- (d) a credit union central when it offers financial services to a person, or to an entity that is not a member of that credit union central; and
- (e) a department, or an entity that is an agent of His Majesty in right of Canada or an agent or mandatary of His Majesty in right of a province, when it carries out an activity referred to in section 76.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Financial Action Task Force
The Financial Action Task Force on Money Laundering established in 1989. (Groupe d'action financière)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Financial services cooperative
A financial services cooperative that is regulated by an Act respecting financial services cooperatives, CQLR, c. C-67.3 or the Act respecting the Mouvement Desjardins, S.Q. 2000, c. 77, other than a caisse populaire. (coopérative de services financiers)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Foreign currency
A fiat currency that is issued by a country other than Canada. (devise)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Foreign currency exchange transaction
An exchange, at the request of another person or entity, of one fiat currency for another. (opération de change en devise)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Foreign currency exchange transaction ticket
A record respecting a foreign currency exchange transaction—including an entry in a transaction register—that sets out:
- (a) the date of the transaction;
- (b) in the case of a transaction of $3,000 or more, the name and address of the person or entity that requests the exchange, the nature of their principal business or their occupation and, in the case of a person, their date of birth;
- (c) the type and amount of each of the fiat currencies involved in the payment made and received by the person or entity that requests the exchange;
- (d) the method by which the payment is made and received;
- (e) the exchange rates used and their source;
- (f) the number of every account that is affected by the transaction, the type of account and the name of each account holder; and
- (g) every reference number that is connected to the transaction and has a function equivalent to that of an account number.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Foreign money services business
Persons and entities that do not have a place of business in Canada, that are engaged in the business of providing at least one of the following services that is directed at persons or entities in Canada, and that provide those services to their clients in Canada:
- (i) foreign exchange dealing,
- (ii) remitting funds or transmitting funds by any means or through any person, entity or electronic funds transfer network,
- (iii) issuing or redeeming money orders, traveller's cheques or other similar negotiable instruments except for cheques payable to a named person or entity,
- (iv) dealing in virtual currencies, or
- (v) any prescribed service.
Reference:
PCMLTFA, S.C. 2000, c 17, s. 5(h.1), PCMLTFRR, SOR/2007-121, s. 1 and PCMLTFR, SOR/2002-184, s. 1(2).- Foreign state
Except for the purposes of Part 2, means a country other than Canada and includes any political subdivision or territory of a foreign state. (État étranger)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Funds
Means:
- (a) cash and other fiat currencies, and securities, negotiable instruments or other financial instruments that indicate a title or right to or interest in them; or
- (b) a private key of a cryptographic system that enables a person or entity to have access to a fiat currency other than cash.
For greater certainty, it does not include virtual currency. (fonds)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2) and PCMLTFSTRR, SOR/2001-317, s. 1(2).- Head of an international organization
A person who, at a given time, holds—or has held within a prescribed period before that time—the office or position of head of
- a) an international organization that is established by the governments of states;
- b) an institution of an organization referred to in paragraph (a); or
- c) an international sports organization.
Reference:
PCMLTFA, S.C. 2000, c 17, s. 9.3(3).- Immediately
In respect of submitting a Terrorist Property Report (TPR), the time period within which a TPR must be submitted, which does not allow for any delay prior to submission. (immédiatement)
- Information record
A record that sets out the name and address of a person or entity and:
- (a) in the case of a person, their date of birth and the nature of their principal business or their occupation; and
- (b) in the case of an entity, the nature of its principal business.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Initiation
In respect of an electronic funds transfer, means the first transmission of the instructions for the transfer of funds. (amorcer)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Institutional trust
For the purpose of section 15 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR), means a trust that is established by a corporation or other entity for a particular business purpose and includes a pension plan trust, a pension master trust, a supplemental pension plan trust, a mutual fund trust, a pooled fund trust, a registered retirement savings plan trust, a registered retirement income fund trust, a registered education savings plan trust, a group registered retirement savings plan trust, a deferred profit sharing plan trust, an employee profit sharing plan trust, a retirement compensation arrangement trust, an employee savings plan trust, a health and welfare trust, an unemployment benefit plan trust, a foreign insurance company trust, a foreign reinsurance trust, a reinsurance trust, a real estate investment trust, an environmental trust and a trust established in respect of endowment, a foundation or a registered charity. (fiducie institutionnelle)
Reference:
PCMLTFR, SOR/2002-184, s. 15(2).- International electronic funds transfer
An electronic funds transfer other than for the transfer of funds within Canada. (télévirement international)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Inter vivos trust
A personal trust, other than a trust created by will. (fiducie entre vifs)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Jewellery
Objects that are made of gold, silver, palladium, platinum, pearls or precious stones and that are intended to be worn as a personal adornment. (bijou)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Large cash transaction record
A record that indicates the receipt of an amount of $10,000 or more in cash in a single transaction and that contains the following information:
- (a) the date of the receipt;
- (b) if the amount is received for deposit into an account, the number of the account, the name of each account holder and the time of the deposit or an indication that the deposit is made in a night deposit box outside the recipient's normal business hours;
- (c) the name and address of every other person or entity that is involved in the transaction, the nature of their principal business or their occupation and, in the case of a person, their date of birth;
- (d) the type and amount of each fiat currency involved in the receipt;
- (e) the method by which the cash is received;
- (f) if applicable, the exchange rates used and their source;
- (g) the number of every other account that is affected by the transaction, the type of account and the name of each account holder
- (h) every reference number that is connected to the transaction and has a function equivalent to that of an account number;
- (i) the purpose of the transaction;
- (j) the following details of the remittance of, or in exchange for, the cash received:
- (i) the method of remittance;
- (ii) if the remittance is in funds, the type and amount of each type of funds involved;
- (iii) if the remittance is not in funds, the type of remittance and its value, if different from the amount of cash received; and
- (iv) the name of every person or entity involved in the remittance and their account number or policy number or, if they have no account number or policy number, their identifying number; and
- (k) if the amount is received by a dealer in precious metals and precious stones for the sale of precious metals, precious stones or jewellery:
- (i) the type of precious metals, precious stones or jewellery;
- (ii) the value of the precious metals, precious stones or jewellery, if different from the amount of cash received, and
- (iii) the wholesale value of the precious metals, precious stones or jewellery.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Large virtual currency transaction record
A record that indicates the receipt of an amount of $10,000 or more in virtual currency in a single transaction and that contains the following information:
- (a) the date of the receipt;
- (b) if the amount is received for deposit into an account, the name of each account holder;
- (c) the name and address of every other person or entity that is involved in the transaction, the nature of their principal business or their occupation and, in the case of a person, their date of birth;
- (d) the type and amount of each virtual currency involved in the receipt;
- (e) the exchange rates used and their source;
- (f) the number of every other account that is affected by the transaction, the type of account and the name of each account holder;
- (g) every reference number that is connected to the transaction and has a function equivalent to that of an account number;
- (h) every transaction identifier, including the sending and receiving addresses; and
- (i) if the amount is received by a dealer in precious metals and precious stones for the sale of precious metals, precious stones or jewellery:
- (i) the type of precious metals, precious stones or jewellery;
- (ii) the value of the precious metals, precious stones or jewellery, if different from the amount of virtual currency received; and
- (iii) the wholesale value of the precious metals, precious stones or jewellery.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Life insurance broker or agent
A person or entity that is authorized under provincial legislation to carry on the business of arranging contracts of life insurance. (représentant d'assurance-vie)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Life insurance company
A life company or foreign life company to which the Insurance Companies Act applies or a life insurance company regulated by a provincial Act. (société d'assurance-vie)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Listed person
Has the same meaning as in section 1 of the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism. (personne inscrite)
Reference:
PCMLTFSTRR, SOR/2001-317, s. 1(2).- Managing general agents (MGAs)
Life insurance brokers or agents that act as facilitators between other life insurance brokers or agents and life insurance companies. MGAs typically offer services to assist with insurance agents contracting and commission payments, facilitate the flow of information between insurer and agent, and provide training to, and compliance oversight of, insurance agents. (agent général de gestion)
- Mandatary
A person who acts, under a mandate or agreement, for another person or entity. (mandataire)
- Marketing or advertising
When a person or entity uses promotional materials such as advertisements, graphics for websites or billboards, etc., with the intent to promote money services business (MSB) services and to acquire business from persons or entities in Canada. (marketing ou publicité)
- Minister
In relation to sections 24.1 to 39, the Minister of Public Safety and Emergency Preparedness and, in relation to any other provision of this Act, the Minister of Finance. (ministre)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Money laundering offence
An offence under subsection 462.31(1) of the Criminal Code. The United Nations defines money laundering as "any act or attempted act to disguise the source of money or assets derived from criminal activity." Essentially, money laundering is the process whereby "dirty money"—produced through criminal activity—is transformed into "clean money," the criminal origin of which is difficult to trace. (infraction de recyclage des produits de la criminalité)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Money laundering and terrorist financing indicators (ML/TF indicators)
Potential red flags that could initiate suspicion or indicate that something may be unusual in the absence of a reasonable explanation. [Indicateurs de blanchiment d'argent (BA) et de financement du terrorisme (FT) (indicateurs de BA/FT)]
- Money services business
A person or entity that has a place of business in Canada and that is engaged in the business of providing at least one of the following services:
- (i) foreign exchange dealing,
- (ii) remitting funds or transmitting funds by any means or through any person, entity or electronic funds transfer network,
- (iii) issuing or redeeming money orders, traveller's cheques or other similar negotiable instruments except for cheques payable to a named person or entity,
- (iv) dealing in virtual currencies, or
- (v) any prescribed service.
Reference:
PCMLTFA, S.C. 2000, c 17, s. 5(h), PCMLTFRR, SOR/2007-121, s. 1 and PCMLTFR, SOR/2002-184, s. 1(2).- Money services business agent
An individual or entity authorized to deliver services on behalf of a money services business (MSB). It is not an MSB branch. (mandataire d'une entreprise de services monétaires)
- Mortgage administrator
A person or entity, other than a financial entity, that is engaged in the business of servicing mortgage agreements on real property or hypothec agreements on immovables on behalf of a lender. (administrateur hypothécaire)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 5(i), PCMLTFRR,SOR/2002-184, subsection 1(2)- Mortgage broker
A person or entity that is authorized under provincial legislation to act as an intermediary between a lender and a borrower with respect to loans secured by mortgages on real property or hypothecs on immovables. (courtier hypothécaire)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 5(i), PCMLTFRR,SOR/2002-184, subsection 1(2)- Mortgage lender
A person or entity, other than a financial entity, that is engaged in the business of providing loans secured by mortgages on real property or hypothecs on immovables. (prêteur hypothécaire)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 5(i), PCMLTFRR,SOR/2002-184, subsection 1(2)- Nature of principal business
An entity's type or field of business. Also applies to an individual in the case of a sole proprietorship. (nature de l'entreprise principale)
- New developments
Changes to the structure or operations of a business when new services, activities, or locations are put in place. For example, changes to a business model or business restructuring. (nouveaux développements)
- New technologies
The adoption of a technology that is new to a business. For example, when a business adopts new systems or software such as transaction monitoring systems or client onboarding and identification tools. (nouvelles technologies)
- No apparent reason
There is no clear explanation to account for suspicious behaviour or information. (sans raison apparente)
- Occupation
The job or profession of an individual. (profession ou métier)
- Person
An individual. (personne)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Person authorized to give instructions
In respect of an account, means a person who is authorized to instruct on the account or make changes to the account, such as modifying the account type, updating the account contact details, and in the case of a credit card account, requesting a limit increase or decrease, or adding or removing card holders. A person who is only able to conduct transactions on the account is not considered a person authorized to give instructions. (personne habilitée à donner des instructions)
- Politically exposed domestic person
A person who, at a given time, holds—or has held within a prescribed period before that time—one of the offices or positions referred to in any of paragraphs (a) and (c) to (j) in or on behalf of the federal government or a provincial government or any of the offices or positions referred to in paragraphs (b) and (k):
- (a) Governor General, lieutenant governor or head of government;
- (b) member of the Senate or House of Commons or member of a legislature of a province;
- (c) deputy minister or equivalent rank;
- (d) ambassador, or attaché or counsellor of an ambassador;
- (e) military officer with a rank of general or above;
- (f) president of a corporation that is wholly owned directly by His Majesty in right of Canada or a province;
- (g) head of a government agency;
- (h) judge of an appellate court in a province, the Federal Court of Appeal or the Supreme Court of Canada;
- (i) leader or president of a political party represented in a legislature;
- (j) holder of any prescribed office or position; or
- (k) mayor, reeve or other similar chief officer of a municipal or local government.
Reference:
PCMLTFA, S.C. 2000, c 17, s. 9.3(3).- Politically exposed foreign person
A person who holds or has held one of the following offices or positions in or on behalf of a foreign state:
- (a) head of state or head of government;
- (b) member of the executive council of government or member of a legislature;
- (c) deputy minister or equivalent rank;
- (d) ambassador, or attaché or counsellor of an ambassador;
- (e) military officer with a rank of general or above;
- (f) president of a state-owned company or a state-owned bank;
- (g) head of a government agency;
- (h) judge of a supreme court, constitutional court or other court of last resort;
- (i) leader or president of a political party represented in a legislature; or
- (j) holder of any prescribed office or position.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Possibility
In regards to completing a suspicious transaction report (STR), the likelihood that a transaction may be related to a money laundering/terrorist financing (ML/TF) offence. For example, based on your assessment of facts, context and ML/TF indicators you have reasonable grounds to suspect that a transaction is related to the commission or attempted commission of an ML/TF offence. (possibilité)
- Precious metal
Gold, silver, palladium or platinum in the form of coins, bars, ingots or granules or in any other similar form. (métal précieux)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Precious stones
Diamonds, sapphires, emeralds, tanzanite, rubies or alexandrite. (pierre précieuse)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Prepaid payment product
A product that is issued by a financial entity and that enables a person or entity to engage in a transaction by giving them electronic access to funds or virtual currency paid to a prepaid payment product account held with the financial entity in advance of the transaction. It excludes a product that:
- (a) enables a person or entity to access a credit or debit account or one that is issued for use only with particular merchants; or
- (b) is issued for single use for the purposes of a retail rebate program.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Prepaid payment product account
An account – other than an account to which only a public body or, if doing so for the purposes of humanitarian aid, a registered charity as defined in subsection 248(1) of the Income Tax Act, can add funds or virtual currency – that is connected to a prepaid payment product and that permits:
- (a) funds or virtual currency that total $1,000 or more to be added to the account within a 24-hour period; or
- (b) a balance of funds or virtual currency of $1,000 or more to be maintained.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Prescribed
Prescribed by regulations made by the Governor in Council. (Version anglaise seulement)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Probability
The likelihood in regards to completing a suspicious transaction report (STR) that a financial transaction is related to a money laundering/terrorist financing (ML/TF) offence. For example, based on facts, having reasonable grounds to believe that a transaction is probably related to the commission or attempted commission of an ML/TF offence. (probabilité)
- Production order
A judicial order that compels a person or entity to disclose records to peace officers or public officers. (ordonnance de communication)
- Public body
Means
- (a) a department or an agent of His Majesty in right of Canada or an agent or mandatary of His Majesty in right of a province;
- (b) an incorporated city or town, village, metropolitan authority, township, district, county, rural municipality or other incorporated municipal body in Canada or an agent or mandatary in Canada of any of them; and
- (c) an organization that operates a public hospital and that is designated by the Minister of National Revenue as a hospital authority under the Excise Tax Act, or an agent or mandatary of such an organization.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Real estate broker or sales representative
A person or entity that is authorized under provincial legislation to act as an agent or mandatary for purchasers or vendors in respect of the purchase or sale of real property or immovables. (courtier ou agent immobilier)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Real estate developer
A person or entity that, in any calendar year after 2007, has sold to the public, other than in the capacity of a real estate broker or sales representative:
- (a) five or more new houses or condominium units;
- (b) one or more new commercial or industrial buildings; or
- (c) one or more new multi-unit residential buildings each of which contains five or more residential units, or two or more new multi-unit residential buildings that together contain five or more residential units.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Reasonable measures
Steps taken to achieve a desired outcome, even if they do not result in the desired outcome. For example, this can include doing one or more of the following:
- asking the client,
- conducting open source searches,
- retrieving information already available, including information held in non-digital formats, or
- consulting commercially available information.
- Receipt of funds record
A record that indicates the receipt of an amount of funds and that contains the following information:
- (a) the date of the receipt;
- (b) if the amount is received from a person, their name, address and date of birth and the nature of their principal business or their occupation;
- (c) if the amount is received from or on behalf of an entity, the entity's name and address and the nature of their principal business;
- (d) the amount of the funds received and of any part of the funds that is received in cash;
- (e) the method by which the amount is received;
- (f) the type and amount of each fiat currency involved in the receipt;
- (g) if applicable, the exchange rates used and their source;
- (h) the number of every account that is affected by the transaction in which the receipt occurs, the type of account and the name of each account holder;
- (i) the name and address of every other person or entity that is involved in the transaction, the nature of their principal business or their occupation and, in the case of a person, their date of birth;
- (j) every reference number that is connected to the transaction and has a function equivalent to that of an account number; and
- (k) the purpose of the transaction.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Registered pension plan
Has the same meaning as in subsection 248(1) of the Income Tax Act. (régime de pension agréé)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Registered retirement income fund
Has the same meaning as in subsection 248(1) of the Income Tax Act. (fonds enregistré de revenu de retraite)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Reliable
In respect of information that is used to verify identity, means that the source is well known, reputable, and is considered one that you trust to verify the identity of the client. (fiable)
- Representative for service
An individual in Canada that has been appointed by a person or entity that is a foreign money services business (FMSB), pursuant to the PCMLTFA, to receive notices and documents on behalf of the FMSB. (représentant du service)
- Risk assessment
The review and documentation of potential money laundering/terrorist financing risks in order to help a business establish policies, procedures and controls to detect and mitigate these risks and their impact. (évaluation des risques)
- Sanctions evasion
Sanctions evasion offence means an offence arising from the contravention of a restriction or prohibition established by an order or a regulation made under the United Nations Act, the Special Economic Measures Act or the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law). (contournement des sanctions)
- Securities dealer
A person or entity that is referred to in paragraph 5(g) of the Act. (courtier en valeurs mobilières)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Senior officer
In respect of an entity, means:
- (a) a director of the entity who is one of its full-time employees;
- (b) the entity's chief executive officer, chief operating officer, president, secretary, treasurer, controller, chief financial officer, chief accountant, chief auditor or chief actuary, or any person who performs any of those functions; or
- (c) any other officer who reports directly to the entity's board of directors, chief executive officer or chief operating officer.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Service agreement
An agreement between a money services business (MSB) and an organization according to which the MSB will provide any of the following MSB services on an ongoing basis:
- money transfers;
- foreign currency exchange;
- issuing or redeeming money orders, traveller's cheques or anything similar; or
- dealing in virtual currencies.
- Crowdfunding
- Armoured Cars
- Settlor
A settlor is an individual or entity that creates a trust with a written trust declaration. The settlor ensures that legal responsibility for the trust is given to a trustee and that the trustee is provided with a trust instrument document that explains how the trust is to be used for the beneficiaries. A settlor includes any individual or entity that contributes financially to that trust, either directly or indirectly. (constituant)
- Shell bank
A foreign financial institution that:
- (a) does not have a place of business that:
- (i) is located at a fixed address—where it employs one or more persons on a full-time basis and maintains operating records related to its banking activities—in a country in which it is authorized to conduct banking activities; and
- (ii) is subject to inspection by the regulatory authority that licensed it to conduct banking activities; and
- (b) is not controlled by, or under common control with, a depository institution, credit union or foreign financial institution that maintains a place of business referred to in paragraph (a) in Canada or in a foreign country.
Reference:
PCMLTFR, SOR/2002-184, s. 1(1).- (a) does not have a place of business that:
- Signature
Includes an electronic signature or other information in electronic form that is created or adopted by a client of a person or entity referred to in section 5 of the Act and that is accepted by the person or entity as being unique to that client. (signature)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Signature card
In respect of an account, means a document that is signed by a person who is authorized to give instructions in respect of the account, or electronic data that constitutes the signature of such a person. (fiche-signature)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Source
The issuer or provider of information or documents for verifying identification. (source)
- Source of funds or of virtual currency (VC)
The origin of the particular funds or VC used to carry out a specific transaction or to attempt to carry out a transaction. It is how the funds were acquired, not where the funds may have been transferred from. For example, the source of funds could originate from activities or occurrences such as employment income, gifts, the sale of a large asset, criminal activity, etc. (origine des fonds ou de la monnaie virtuelle (MV))
- Source of wealth
The origin of a person's total assets that can be reasonably explained, rather than what might be expected. For example, a person's wealth could originate from an accumulation of activities and occurrences such as business undertakings, family estates, previous and current employment income, investments, real estate, inheritance, lottery winnings, etc. (origine de la richesse)
- Starting action
With respect to a reportable transaction, information related to the instructions provided by the person or entity making the request to the reporting entity to start a transaction. For example, an individual arrives at a bank and requests to purchase a bank draft. The starting action is the details of the instructions for the purchase which includes the funds or virtual currency that the requesting person or entity brought to the reporting entity. A transaction must have at least one starting action. (action d’amorce)
- SWIFT
The Society for Worldwide Interbank Financial Telecommunication. (SWIFT)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Terrorist activity
Has the same meaning as in subsection 83.01(1) of the Criminal Code. (activité terroriste)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Terrorist activity financing offence
An offence under section 83.02, 83.03 or 83.04 of the Criminal Code or an offence under section 83.12 of the Criminal Code arising out of a contravention of section 83.08 of that Act.
A terrorist financing offence is knowingly collecting or giving property (such as money) to carry out terrorist activities. This includes the use and possession of any property to help carry out the terrorist activities. The money earned for terrorist financing can be from legal sources, such as personal donations and profits from a business or charitable organization or from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion. (infraction de financement des activités terroristes)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Third party
Any individual or entity that instructs another individual or entity to act on their behalf for a financial activity or transaction. (tiers)
- Threats to the security of Canada
Has the same meaning as in section 2 of the Canadian Security Intelligence Service Act. (menaces envers la sécurité du Canada)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Training program
A written and implemented program outlining the ongoing training for your employees, agents or other individuals authorized to act on your behalf. It should contain information about all your obligations and requirements to be fulfilled under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and its associated Regulations. (programme de formation)
- Trust
A right of property held by one individual or entity (a trustee) for the benefit of another individual or entity (a beneficiary). (fiducie)
- Trust company
A company that is referred to in any of paragraphs 5(d) to (e.1) of the Act. (société de fiducie)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Trustee
A trustee is the individual or entity authorized to hold or administer the assets of a trust. (fiduciaire)
- Tutor
In the context of civil law, a person who has been lawfully appointed to the care of the person and property of a minor. (tuteur)
- Two year effectiveness review
A review, conducted every two years (at a minimum), by an internal or external auditor to test the effectiveness of your policies and procedures, risk assessment, and training program. (examen bisannuel de l'efficacité)
- Valid
In respect of a document or information that is used to verify identity, appears legitimate or authentic and does not appear to have been altered or had any information redacted. The information must also be valid according to the issuer, for example if a passport is invalid because of a name change, it is not valid for FINTRAC purposes. (valide)
- Verify identity
To refer to certain information or documentation, in accordance with the prescribed methods, to identify a person or entity (client). (vérifier l'identité)
- Very large corporation or trust
A corporation or trust that has minimum net assets of $75 million CAD on its last audited balance sheet. The corporation's shares or units have to be traded on a Canadian stock exchange or on a stock exchange designated under subsection 262(1) of the Income Tax Act. The corporation or trust also has to operate in a country that is a member of the Financial Action Task Force (FATF). (personne morale ou fiducie dont l'actif est très important)
- Violation
A contravention of the Act or the regulations that is designated as a violation by regulations made under subsection 73.1(1). (violation)
Reference:
PCMLTFA, S.C. 2000, c 17, s. 2(1).- Virtual currency
Means:
- (a) a digital representation of value that can be used for payment or investment purposes that is not a fiat currency and that can be readily exchanged for funds or for another virtual currency that can be readily exchanged for funds; or
- (b) a private key of a cryptographic system that enables a person or entity to have access to a digital representation of value referred to in paragraph (a).
Reference:
PCMLTFR, SOR/2002-184, s. 1(2) and PCMLTFSTRR, SOR/2001-317, s. 1(2).- Virtual currency exchange transaction
An exchange, at the request of another person or entity, of virtual currency for funds, funds for virtual currency or one virtual currency for another. (opération de change en monnaie virtuelle)
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Virtual currency exchange transaction ticket
A record respecting a virtual currency exchange transaction—including an entry in a transaction register—that sets out:
- (a) the date of the transaction;
- (b) in the case of a transaction of $1,000 or more, the name and address of the person or entity that requests the exchange, the nature of their principal business or their occupation and, in the case of a person, their date of birth;
- (c) the type and amount of each type of funds and each of the virtual currencies involved in the payment made and received by the person or entity that requests the exchange;
- (d) the method by which the payment is made and received;
- (e) the exchange rates used and their source;
- (f) the number of every account that is affected by the transaction, the type of account and the name of each account holder;
- (g) every reference number that is connected to the transaction and has a function equivalent to that of an account number; and
- (h) every transaction identifier, including the sending and receiving addresses.
Reference:
PCMLTFR, SOR/2002-184, s. 1(2).- Working days
In respect of an electronic funds transfer (EFT) report or a large virtual currency transaction report, a working day is a day between and including Monday to Friday. It excludes Saturday, Sunday, and a public holiday. (jour ouvrable)
- Date Modified: