FINTRAC publishes resources documents to help reporting entities prepare for changes to the Large Cash Transaction Report form

[TaylorWarden]

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has developed additional documentation to help businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and associated Regulations prepare for the implementation of the new Large Cash Transaction Report form.

Once implemented, businesses will be required to use the new form to submit their large cash transactions. These important changes are part of FINTRAC’s multi-year plan to implement changes to its reporting forms as a result of regulatory amendments published in the Canada Gazette, Part II, in 2019, 2020 and 2022.

Publication of updated guidance: The 24-hour rule

The new Large Cash Transaction Report form will be launched in October 2023 and will allow for aggregating large cash transactions as per the amended regulations that came into effect on June 1, 2021.

As such, FINTRAC has updated its Reporting transactions to FINTRAC: The 24-hour guidance to provide more information about the requirements to aggregate transactions. The draft guidance is available on the Draft documents to help you prepare for changes to FINTRAC’s reporting forms web page. Please note: This is an early release documentation and while it is in its final stages of development, it is subject to minor subsequent changes until the final version of the guidance is published in October 2023.

For questions about this guidance, please contact FINTRAC by telephone at 1-866-346-8722 (toll free) or by email at guidelines-lignesdirectrices@fintrac-canafe.gc.ca.

Training environment for Large Cash Transaction Reports

Businesses subject to the Act that submit reports through the FINTRAC web reporting system (FWR) can now access an early release of the new Large Cash Transaction Report form that will be implemented on October 21. The new form can be found under Section 2: Training reports. Businesses can now begin to use the training environment to familiarize themselves with the functionality and train employees on filling out reports. Reports created in this environment will not be submitted to FINTRAC. Please note: To access the early release, you must select a date of September 23, 2023, or later.

As a result, FINTRAC made a minor update to the Schedule to implement changes to FINTRAC’s reporting forms to reflect this testing availability.

For questions about FWR, please contact FINTRAC by email at F2R@fintrac-canafe.gc.ca.

FINTRAC would like to thank the businesses that have provided input on the implementation of the new requirements and on the related guidance. With their feedback, FINTRAC has been able to create better products that support our common goal of having a strong anti-money laundering and anti-terrorist financing regime that keeps our financial system secure.