Voluntary self-declaration of non-compliance form

Reporting electronic funds transfers as of June 1, 2021

This form is for reporting entities to declare their non-compliance in reporting specific scenarios of electronic funds transfers (EFT), as described in the Notice on the Assessment of obligations coming into force on June 1, 2021. As per the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (the Regulations) in force on June 1, 2021, reporting entities have the obligation to submit an EFT report to FINTRAC in the following situations:

• The reporting entity is the final recipient of an international EFT of $10,000 or more in a single transaction (24-hour rule may apply).
• The reporting entity initiates, at the request of a person or entity, an international EFT of $10,000 or more in a single transaction (24-hour rule may apply)

Reporting Entity:

Contact Person:

Position title

Non-compliance with scenario 1:

Reporting transactions that do not meet the legal requirements to be reportable under the Regulations.

Reporting as the first entity in Canada that receives and international EFT (over-reporting incoming EFTs)

Reporting as the last entity in Canada to send an international EFT (over-reporting outgoing EFTs)

What is the approximate number of reports submitted on a weekly basis?

When do you expect to correct this instance of non-compliance?  

Non-compliance with scenario 2:

Not reporting the required EFTs as per the Regulations.

Not reporting as the final recipient of an international EFT (under-reporting incoming EFTs)

Not reporting as the entity that initiates, at the request of a person or entity, an international EFT (under-reporting outgoing EFTs)

What is the approximate number of impacted reports on a weekly basis?

When do you expect to correct this instance of non-compliance?  

PLEASE SEND THE COMPLETED FORM TO VSDONC.ADVNC@FINTRAC-CANAFE.GC.CA.