Money Laundering

Click here or on the pdf file to read the full article or an excerpt below.

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.

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