Personal Finance

large cheque and FINTRAC

  • Last Updated:
  • Oct 11th, 2018 10:43 am
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[OP]
Member
Jun 28, 2011
308 posts
56 upvotes
VANCOUVER

large cheque and FINTRAC

I have an investment that will sell in the next while and the cheque will be substantial (six figures) and issued by a Canadian bank and I'll have the appropriate paperwork. (taxes and if the bank wants/needs it).

Is FINTRAC with just large cash amounts?
Or does the bank need to report large transactions even if issued by cheque?
The investment is completely legit in case there are posts about money laundering, etc.
6 replies
Deal Addict
Jan 30, 2012
1362 posts
567 upvotes
TORONTO
Banks, investment dealers, real estate agents and other types of businesses have to file reports with FINTRAC for many types of transactions, including:

- large cash transactions
- large international transactions
- suspicious transactions
- etc

What is a suspicious transaction? It varies dramatically by person, by industry, etc.

That being said, this all happens behind the scenes and they aren't supposed to tell you about any of this since that would tip off someone who is actually trying to launder money.

So don't worry about it and get on with your life.
Member
May 16, 2017
288 posts
275 upvotes
They may report it to FINTRAC, but that doesn't put any additional holds or restrictions on the funds - it is just a report, which typically goes into a big bucket never to be heard of again.
Jr. Member
Jun 13, 2018
119 posts
85 upvotes
It's in the system, so there is a paper trail if something becomes suspicious. Don't worry about it, cash it or deposit it or ... the cheque.
Member
Aug 17, 2013
207 posts
84 upvotes
Toronto
At my company, we have to submit FINTRAC when we do wire payments especially outside Canada.

EFT and cheques are ok.... as soon as wire payments involved, we get flagged.
Deal Addict
Jul 3, 2017
2832 posts
1907 upvotes
As @robsaw said, FINTRAC monitors, they don't control. Thousands of individual Canadians do 6-figure transactions between banks and financial institutions every day, let alone all the businesses that do this too. They all have to be reported to FINTRAC, who of course doesn't have the resources to look into even a tiny fraction of them without some special reason to do so. This is not something that should ever concern you unless there's a particular red flag about your transaction that would lead to your bank taking arbitrary action to terminate your accounts as reported in several threads in this forum.
Deal Addict
Jan 30, 2012
1362 posts
567 upvotes
TORONTO
Exp315 wrote:
Oct 11th, 2018 10:12 am
Thousands of individual Canadians do 6-figure transactions between banks and financial institutions every day, let alone all the businesses that do this too. They all have to be reported to FINTRAC,
Almost. Many transactions have to be reported to FINTRAC: http://www.fintrac-canafe.gc.ca/reporti ... pt-eng.asp

A 6-figure transaction doesn't have to be reported, unless it is in cash, it is international, it is a suspicious transaction, it involves a casino, or involves terrorism.

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