Draft guidance – Reporting transactions to FINTRAC: The 24-hour rule
New – September 27, 2023
From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
This page provides businesses (reporting entities) with access to the draft guidance “Reporting transactions to FINTRAC: The 24-hour rule”, so they can prepare for the implementation of the new reporting forms.
Please note this is a draft document and, as such, may be subject to change. Final HTML version will be posted at the end of October 2023. This draft guidance will replace the June 2021 guidance “Transaction reporting guidance: The 24-hour rule”.
Main changes compared to the previous version
The 24-hour rule guidance has been updated to:
- replace former title
- reorganize and reformat already existing sections so that relevant information may be located more quickly
- include new sections explaining common exceptions and intricacies of the 24-hour rule such as:
- identical and overlapping report types
- single transactions of $10,000 or more
- situations where one must not aggregate
- expand the annexes with 9 new Large Cash Transaction Report scenarios and Large Virtual Currency Transaction Report scenarios (with corresponding infographics)
- use plain language, where possible, in order to enhance readability
- comply with Canada.ca Content Style Guide
Questions or comments
If you have any questions or comments about this draft form, please e-mail us at guidelines-lignesdirectrices@fintrac-canafe.gc.ca.
- Date Modified: