Moving 200 K from one bank to another. - Page 2
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Thread: Moving 200 K from one bank to another.

  1. #11
    Senior Member
    Join Date
    Apr 2009
    Posts
    173
    People think breaking a large sum into multiple 9999$ transfers will prevent the transactions from being reported to FINTRAC. That is not the case. FINTRAC is actually ran by people that know what they're doing.

    http://www.fintrac.gc.ca/publication...A/lctr-eng.asp

    If you are a reporting entity as described in section 2, you have to send a large cash transaction report to FINTRAC in the following situations:

    If you receive an amount of $10,000 or more in cash in the course of a single transaction. Each such transaction must be sent to FINTRAC separately, in its own report.

    If you receive two or more cash amounts of less than $10,000 each that total $10,000 or more. In this case, if you are an individual, you have to make a large cash transaction report if you know the transactions were made within 24 consecutive hours of each other by or on behalf of the same individual or entity. If you are an entity, you have to make a large cash transaction report if your employee or senior officer knows the transactions were made within 24 consecutive hours of each other by or on behalf of the same individual or entity.
    I didn't find indications to the effect that domestic transactions are except from these reporting requirements, contrary to what Gibor affirmed upthread.


  2. #12
    Senior Member
    Join Date
    Jun 2009
    Location
    Okanagan Valley
    Posts
    3,798
    My assumption has been that all such transactions are recorded, domestic and International, which is as it should be. We know nefarious transactions exist domestically as well

  3. #13
    Super Moderator
    Join Date
    Nov 2012
    Location
    Pacific
    Posts
    8,272
    A very wide variety of transactions can be reported to FINTRAC. Unfortunately there is no way to audit this, so I just assume everything I transfer is being FINTRAC'ed. I'm not going to stop transferring money just because of it; this would be crippling.

    http://www.cbc.ca/news/politics/fint...ians-1.2224595


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