Who must report to FINTRAC?
All financial entities, life insurance companies, securities dealers, foreign exchange outlets and money services businesses, which have detected a suspicious transaction, or conducted cash transactions or wire transfers in/out of Canada worth $10,000 and over. Records related to these transactions must be kept for a period of five years.
What Information do we need?
When contacting the authorities regarding a suspicious transaction, you may be asked to provide specific information, such as:
- Date, time, and location of the transaction.
- Name, age, address, telephone number, description of the person(s) involved in the suspicious transaction and their associates.
- The amount of the suspicious transaction.
- Bank, credit card, or other personal information about the subject that might be available.
- Description of vehicle and licence plate number associated with the suspicious transaction/activity.
- The circumstances, details, and events that raised your suspicion.
- The type of activity associated with the suspicious transactions (payment made by an unusually large volume of cash, use of nominees (associates), currency exchanged etc.