8/31/2023 0 Comments Gc 8a user manual![]() It is also to facilitate investigations and prosecutions of money laundering and terrorist activity financing offences. The objective of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) is to help detect and deter money laundering and the financing of terrorist activities. ![]() The reporting entity initiates, at the request of a person or entity, an international EFT of $10,000 or more in a single transaction (the 24-hour rule may apply).įor more information related to FINTRAC's expectation of reporting entities who may be facing challenges with the EFT reporting obligation, please see the Notice on the assessment of obligations coming into force on June 1, 2021.Īlso, as of J(as described in the Notice on forthcoming regulatory amendments and flexibility, updated December 2, 2021), FINTRAC expects reporting entities to continue submitting EFT reports as they did before June 1, 2021, and to continue using the current reporting form until the updates to the form are implemented.The reporting entity is the final recipient of an international EFT of $10,000 or more in a single transaction (the 24-hour rule may apply). ![]() As per the amendments to the Regulations that came into force on June 1, 2021, reporting entities must submit an electronic funds transfer (EFT) report to FINTRAC only when:
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