Who must report

Reporting entities must report certain transactions including suspicious transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Reporting entities are:

• financial entities such as banks (that is, those listed in Schedule I or II of the Bank Act) or authorized foreign banks with respect to their operations in Canada, credit unions, caisses populaires, financial services cooperatives, credit union centrals (when they offer financial services to anyone other than a member entity of the credit union central), trust companies, unregulated trust companies, loan companies, departments and agents of the Crown that accept deposit liabilities while providing financial services to the public, and life insurance companies, or entities that are life insurance brokers or agents, in respect of loans or prepaid payment products they offer to the public and accounts they maintain with respect to those loans or prepaid payment products (other than those specified in the definition in the Regulations);
• life insurance companies, brokers and agents;
• securities dealers;
• money services businesses;
• foreign money services businesses;
• agents of the Crown that sell money orders;
• accountants and accounting firms (when carrying out certain activities on behalf of their clients);
• real estate brokers, sales representatives and developers (when carrying out certain activities);
• casinos;
• dealers in precious metals and precious stones;
• public notaries and notary corporations of British Columbia (when carrying out certain activities on behalf of their clients); and
• for the purposes of suspicious transactions, employees of these reporting entities.