What is the minimum cash deposit amount that a dealing representative must report to FINTRAC?

The minimum cash deposit amount that a dealing representative must report to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is $10,000. This requirement is part of Canada’s anti-money laundering (AML) measures aimed at detecting and preventing the laundering of illicit funds. When a financial transaction involving cash deposits meets or exceeds this threshold, representatives are obligated to report it to ensure transparency and regulatory compliance.

By setting the reporting threshold at this level, FINTRAC can monitor large cash transactions that may indicate suspicious activity. It is important for dealing representatives to understand their obligations regarding reporting thresholds, as failure to report can result in penalties and consequences for both the representative and the institution they represent. Additionally, this reporting requirement applies to both single transactions as well as multiple transactions that may appear structured to evade detection.