What is the threshold amount that defines a large cash transaction for FINTRAC reporting?

What is the threshold amount that defines a large cash transaction for FINTRAC reporting?

• A. $5,000
• B. $10,000
• C. $15,000
• D. $20,000

Answer: (B)

The amount is $10,000. FINTRAC requires reporting of large cash transactions when cash payments of $10,000 or more are involved, either as a single transaction or as related transactions that total $10,000 or more. This threshold helps regulators spot attempts to hide money via multiple smaller deposits (structuring). In practice, if a client makes a cash payment of $10,000 or more in one go, or makes linked cash payments that total $10,000 or more within a short period and appear connected, those transactions must be reported.

The amount is $10,000. FINTRAC requires reporting of large cash transactions when cash payments of $10,000 or more are involved, either as a single transaction or as related transactions that total $10,000 or more. This threshold helps regulators spot attempts to hide money via multiple smaller deposits (structuring). In practice, if a client makes a cash payment of $10,000 or more in one go, or makes linked cash payments that total $10,000 or more within a short period and appear connected, those transactions must be reported.