The Financial Transactions and Reports Analysis Centre of Canada has issued a reminder that effective Monday, March 31, certain businesses are legally required to report all international electronic funds transfers of $10,000 or more to FINTRAC.

Since June 12, 2002, financial institutions have had to report international wire transfers of $10,000 or more that were sent through the SWIFT network. The new requirement will now encompass all such transfers regardless of the network used.

This requirement will apply to those businesses operating in Canada that carry out international electronic funds transfers. It is the latest in a series of requirements set out in the Proceeds of Crime Money Laundering and Terrorist Financing Act and Regulations.

Effective March 31, financial entities, money services businesses and foreign exchange dealers must send a report to FINTRAC on any incoming or outgoing international electronic funds transfer of $10,000 or more.

These entities must also report when they give instructions to execute such transfers. More detailed information on these reporting requirements can be found in Guideline 8 on FINTRAC’s Web site.