As of March 31, 2016, there were approximately 212 million reports containing personal informati… Acquisition by Tier1 Opens New Opportunities. However, ongoing monitoring requirements in the drafted Guideline 6G mentions the requirement keep all client identification information up to date which will require reporting entities to monitor all their clients on an individual level to ensure identification information is up … These are instructions sent electronically for the transfer of $10,000 or more outside Canada at the request of a cli… Outgoing EFTs of $10,000 or more outside Canada that is transmitted in a single transaction; or in two or more transfers of less than $10,000 (that total $10,000 or more) in the following 24-hour rule situations, Incoming EFTs of $10,000 or more outside Canada that is transmitted in a single transaction; or in two or more transfers of less than $10,000 (that total $10,000 or more) in the following 24-hour rule situations. If you are a financial entity, an MSB or a casino, you must report to FINTRAC for the following transactions: CaseWare RCM’s Alessa can help your institution keep track of EFTs and report suspicious transactions to regulators. OFAC Best Practices: AML Compliance and Sanction Screening, 6AMLD: EU’s 6th Anti-Money Laundering Directive, Latest FinCEN News, Guidance and Advisories, Creating an Effective Suspicious Activity Reporting Program, What’s New in Alessa – Core Functionality, How a Retailer and Money Service Business uses Alessa for AML Compliance, Energex: Using Alessa for Accounts Payables Monitoring, in a single transaction for $10,000 or more; or. It is a co-operative owned by the international banking community that operates a global data processing system for the transmission of financial messages. The number followed by a slash, '/' must be followed by the ISO country code, a slash, '/', the issuer of the number, a slash, '/' and the Customer Identification Number. Under the current requirements, the entities that are the last to touch an outgoing EFT and the first to touch an incoming EFT are required to report to FINTRAC. FINTRAC recently issued a new guidance to explain the changes which are being implemented. Important note specific to Electronic Funds Transfer (EFT) reporting: Financial transaction reports are critical to FINTRAC’s ability to develop and disseminate financial intelligence. Under the revised regulations, the … In terms of EFTs, Shinfield said regulators have “changed the whole reporting scheme.” “So for banks it will have probably a more favorable effect than others but for others it’s going to have huge operational implications.”. You receive incoming EFTs. in two or more transfers of less than $10,000 (that total $10,000 or more) if your employee or senior officer knows they were made within 24 consecutive hours of each other by or on behalf of the same individual or entity (24-hour rule). The reporting requirements now apply in regards to both outgoing EFTs to the RE that initiates the EFT, and incoming EFTs to the RE that is the final recipient of the EFT. The EFT reporting requirements for the CRA and FINTRAC are identical. So basically the last person to touch an EFT that leaves the country has to report it.”. What FINTRAC says about SWIFT EFTs The other reporting requirement for EFTs covers EFTs that are the transmission of instructions for a transfer of funds through any electronic, magnetic or optical device, telephone instrument or computer. This reporting covers EFTs that are the transmission of instructions for a transfer of funds through any electronic, magnetic or optical device, telephone instrument or computer other than SWIFT MT 103 messages described above. Credit Cards “It’s no longer optional because the traveler will require all that information to be contained. This report is not limited to cash. This reporting covers EFTs that are the transmission of instructions for a transfer of funds through any electronic, magnetic or optical device, telephone instrument or computer other than SWIFT MT 103 messages described above. 2.3 All Other Electronic Funds Transfers. As per paragraphs 12(1)(b) and 12(1)(c) of the Proceeds of Crime (Money Laundering) and Terrorist Financing (PCMLTF) Regulations, financial entities are required to report the sending out of Canada and the receipt from outside Canada, at the request of a client, of an electronic funds transfer (EFT) of $10,000 or more in the course of a single transaction. Simplifying Compliance and Fraud Prevention, FINTRAC Changes Reporting Requirements for EFTs. If you are a financial entity, a money services business or a casino, you have to send a report to FINTRAC for the following transactions: 1. The number followed by a slash, '/' must be followed by the ISO country code, a slash, '/' and the National Identity Number. You do not have to make an EFT report if you send a transfer to an individual or an entity in Canada, even if the final recipient is outside Canada. For more information please contact us. Alessa is a CaseWare RCM Product. The number followed by a slash, '/' is followed by information completing the Identifier provided in subfield 1 (Party Identifier) used with the (Code)(Identifier) format. Shinfield said if you have a money service business that deals with the bank or foreign exchange company and they send the instruction to the bank and it includes the name and the address of the originator, it’s reportable by the bank. As long as the first person to get the instruction gives the final sending person the name and the address of the originator it’s the final sending person that reports the transaction. On this basis, REs will need to completely restructure their respective EFT reporting processes. As a reporting entity, you have to be enrolled with FINTRAC's electronic reporting system to report electronically. When you send or receive instructions to transfer $10,000 CAD or more internationally, either in a single transaction or in multiple transactions, within a 24-hour period you must submit a report within 5 business days. Home CaseWare and the CaseWare logo, are registered trademarks of CaseWare International Inc. and are licensed for use to CaseWare RCM.© 2021. Shinfield said if a bank touches that money but then it’s going onward to an MSB or a foreign exchange dealer or some other party who reports EFT’s, it’s the first to touch that reports it and that’s provided they get the beneficiary name, and event issued address. Electronic Funds Transfer Reports (EFTR) – A number of changes were made to the EFTR requirements proposed in the Draft Regulations in the Final Regulations aiming to clarify the fact that such requirements are intended to apply only to non-domestic EFTs. The number followed by a slash, '/' must be followed by an Address Line (Address Line can be used to provide for example, street name and number, or building name). Corporate information reporting requirements are in place at the federal and provincial levels; however, there are differences between jurisdictions in requirements related to the collection, disclosure, and access to this information. The same reporting requirement applies to non-SWIFT electronic fund transfers. The requirements to report large cash transactions and EFTs are currently triggered where the transaction is for more than C$10,000 or where there have been smaller transactions over a 24-hour period that total C$10,000 or more that are conducted by, or on behalf of, the same person or entity. A casino disbursement report must be submitted to FINTRAC by a casino when it makes a disbursement of $10,000 or more in the course of a single transaction, or upon making two or more disbursements totalling $10,000 or more within 24 consecutive hours on behalf of the same individual or entity. What this means:Previously, ML/TF regulations didn’t require intermediaries of a transaction to collect information. For more information on how to submit EFTs to the CRA through the shared reporting process, go to Reporting to FINTRAC on the FINTRAC website. Please note that as of January 1st, 2015, all EFT reporting will be done through a Shared Reporting Process that allows reporting of EFTs simultaneously to both FINTRAC and the CRA. ... Large International Electronic Funds Transfer Report: An Electronic Funds Transfer Report (EFT) must be filed with FINTRAC for each money transfer involving a large international EFT requested by (or on behalf of) the same person of $10,000 or more, in a single transaction or aggregate in 24 hours. FINTRAC ID Requirements: Amendments for Ascertaining Identity * The transition period to adopt the new methods to verify the identity of individuals has been extended until January 23, 2018 . All batch header records are to be fixed in length as specified in the format descriptions. FINTRAC will provide you with an identifier number to include in your reports. 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