currency transaction report social security

two or more transactions of $10,000 or more.several transactions in amounts under $10,000 and one or more transactions of $10,000 or more or.several transactions in amounts under $10,000 that total $10,000 or more.The following can occur within a consecutive 24-hour window and must be reported in a single report under the 24-hour rule: This means that all transactions at or above the $10,000 threshold that occur in the same 24-hour window must be included in the report and should not be reported separately.

This is because both transactions are not received by the same person, nor are they received on behalf of the same person.Īll transactions that total $10,000 or more within a consecutive 24-hour window are to be reported to FINTRAC in a single report. However, if an amount under $10,000 is received from a person, and then another amount under $10,000 is received on behalf of that same person, and these amounts total $10,000 but are not for the same beneficiary, then the 24-hour rule is not triggered.

for the same beneficiary (person or entity).įor further clarity, as an example, when two or more cash transactions that total $10,000 or more are conducted by the same person, on behalf of the same person, or for the same beneficiary, the 24-hour rule must be considered.

conducted on behalf of the same person or entity ( third party), or.

conducted by the same person or entity.

The 24-hour rule is the requirement to aggregate multiple transactions when they total $10,000 or more within a consecutive 24-hour window and the transactions are: Footnote 1 The other annexes will be added at a later date.

Annex 5: Examples of the 24-hour rule applied to transactions made with a payment rail system.

Annex 4: Examples of the 24-hour rule applied to casino disbursements.

Annex 3: Examples of the 24-hour rule applied to large virtual currency transactions.

Annex 2: Examples of the 24-hour rule applied to large cash transactions.

Annex 1: Examples of the 24-hour rule applied to electronic funds transfers.

This guidance includes the following annexes:

*Note: Throughout this guidance, references to dollar amounts (such as $10,000) are in Canadian dollars or its equivalent in foreign currency or virtual currency (VC). What are the exceptions to the 24-hour rule?.To which reports does the 24-hour rule apply?.How do I aggregate transactions under the 24-hour rule?.

This concept is referred to as 'the 24-hour rule', and applies to all REs as required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. This guidance describes when reporting entities (REs) must consider multiple transactions within a 24-hour period as a 'single transaction'. This guidance came into effect on June 1, 2021.

Currency transaction report social security