Section 5

What is FINTRAC?

The Financial Transactions and Reports Analysis Centre of Canada

What is FINTRAC's role?

Collect analyze and disclose information to detect prevent and deter money laundering and terrorist financing

Who has reporting obligations under the PCMLTFA?

Reporting entities

What are the seven FINTRAC report types?

LCTR STR EFTR LPEPR Cross Border Currency Casino Disbursement and LVCTR

What does LCTR stand for?

Large Cash Transaction Report

What does STR stand for?

Suspicious Transaction Report

What does EFTR stand for?

Electronic Funds Transfer Report

What does LPEPR stand for?

Listed Person or Entity Property Report

What does LVCTR stand for?

Large Virtual Currency Transaction Report

What is the reporting threshold for an LCTR?

Cash received of CAD10000 or more

When must an LCTR be submitted?

Within 15 calendar days

Who receives LCTRs?

FINTRAC

What is considered cash for LCTR purposes?

Canadian or foreign bank notes and coins

What is not considered cash for LCTR purposes?

Cheques money orders and negotiable instruments

What exchange rate is used for foreign currency cash?

Latest Bank of Canada exchange rate available

What is the 24-hour rule?

Aggregation of reportable transactions within a static 24-hour window

What amount triggers reporting under the 24-hour rule?

CAD10000 or more

What are the LCTR aggregation categories?

Conductor beneficiary and third party

Can transactions below CAD10000 become reportable?

Yes through aggregation

Does the 24-hour rule apply across multiple locations?

Yes

Must an LCTR be filed for a CAD10000 ABM cash deposit?

Yes

Who is identified for an ABM cash deposit?

The account holder

When is a financial entity exempt from filing an LCTR?

When receiving cash from another financial entity or a public body

Name examples of public bodies exempt from LCTR reporting.

Incorporated municipal bodies and hospital authorities

Can an LCTR also require an STR?

Yes

Can an LCTR also require an EFTR?

Yes

What triggers a Suspicious Transaction Report?

Reasonable grounds to suspect money laundering or terrorist financing

When must an STR be submitted?

As soon as practicable after reasonable grounds to suspect are established

Can an STR also accompany another report?

Yes

What replaced the Terrorist Property Report?

Listed Person or Entity Property Report

When did the LPEPR replace the Terrorist Property Report?

February 28 2025

What triggers an LPEPR?

Property owned or controlled by a terrorist group or listed person or entity

Does an LPEPR require a transaction to occur?

No

What legislation may identify a listed person or entity?

Criminal Code United Nations Act SEMA and Magnitsky Act

What is property for LPEPR purposes?

Any real or personal property under possession or control

Give examples of reportable property.

Cash accounts securities real estate insurance and virtual currency

Who submits LPEPRs?

Reporting entities

When must an LPEPR be submitted?

Without delay

Who receives an LPEPR?

FINTRAC

Who else must be notified when listed property is identified?

RCMP and CSIS

What must happen to terrorist property?

It must be frozen

Can a transaction involving terrorist property proceed?

No

When should an STR also be filed with an LPEPR?

When a completed or attempted transaction occurs

What information is not required on an LPEPR?

An individual's Social Insurance Number

What is the reporting threshold for cross-border currency reporting?

CAD10000

Is it illegal to transport more than CAD10000 across the border?

No it must simply be reported

Who receives cross-border currency reports?

CBSA

Who ultimately analyzes cross-border reports?

FINTRAC

What is reported under cross-border reporting?

Currency and monetary instruments

Give examples of monetary instruments.

Travellers cheques stocks and bonds

Who must report cross-border movements over CAD10000?

Individuals and businesses

What four methods can transport reportable funds?

Person mail courier and public transportation

What form is used by an individual carrying reportable funds?

E677

What form is generally used for mailed shipments?

E667

What form is completed by the person in charge of a conveyance?

E668

Can undeclared reportable currency be seized?

Yes

What is an EFT?

Electronic transmission of instructions to transfer funds

What is the reporting threshold for an EFTR?

CAD10000

Who generally reports EFTs?

Financial entities MSBs FMSBs and certain casinos

What is a SWIFT EFT commonly called?

Wire transfer

What SWIFT message is commonly associated with reportable EFTs?

MT103

Who reports an EFT?

The entity that initiates or finally receives it

Do intermediaries report EFTs?

No

What must intermediaries do?

Keep records and comply with the Travel Rule

When must an EFTR be submitted?

Within 5 working days

What starts the reporting period for outgoing EFTs?

Transmission of instructions

What starts the reporting period for incoming EFTs?

Receipt of instructions

What are the outgoing EFT aggregation categories?

Requester third party and beneficiary

What are the incoming EFT aggregation categories?

Requester and beneficiary

Can SWIFT and Non SWIFT EFTs be aggregated together?

Yes

What is the Travel Rule?

Required transfer of originator and beneficiary information

What originator information is required?

Name address and account or reference number

What beneficiary information is required?

Name address and account or reference number when applicable

What should be done if Travel Rule information is missing?

Take reasonable measures to obtain it

What may happen if Travel Rule information cannot be obtained?

The transaction may be suspended or rejected

Since 2015 who also receives reportable EFT information?

CRA

Does one EFTR satisfy both FINTRAC and CRA requirements?

Yes

Can an EFTR also require an STR?

Yes

What is a Casino Disbursement Report?

A report for qualifying casino disbursements of CAD10000 or more

When must a Casino Disbursement Report be submitted?

Within 15 calendar days

Who receives Casino Disbursement Reports?

FINTRAC

Does the 24-hour rule apply to Casino Disbursement Reports?

Yes

What casino aggregation categories apply?

Requester beneficiary and third party

Should casinos wait until the end of the 24-hour window before reporting?

Yes

Name common reportable casino disbursements.

Chip redemption slot jackpots bets credit advances cheque cashing and reimbursements

Are payouts in chips tokens or slot tickets reportable casino disbursements?

No

Can a Casino Disbursement also require an EFTR?

Yes

Can a Casino Disbursement also require an STR?

Yes

Does an attempted casino disbursement require a Casino Disbursement Report?

No

Can an attempted casino disbursement require an STR?

Yes

What is the reporting threshold for an LVCTR?

CAD10000 received in virtual currency

What triggers an LVCTR?

Receipt of virtual currency equal to or greater than CAD10000

When is virtual currency considered received?

When the transaction can no longer be reversed or cancelled

Who submits LVCTRs?

Reporting entities except legal professionals providing legal services

When must an LVCTR be submitted?

Within 5 working days

Does the 24-hour rule apply to LVCTRs?

Yes

What are the LVCTR aggregation categories?

Conductor beneficiary and third party

How is virtual currency valued for threshold testing?

Using the exchange rate used in the normal course of business

Does the Bank of Canada publish virtual currency exchange rates?

No

Where must the exchange-rate methodology be documented?

Policies and procedures