What does FINTRAC require casinos to do?

Casinos are required to take reasonable measure to make PEP and HIO determinations for certain activities or transactions. If a casino determines that a person is a PEP or a HIO then they have additional related requirements.

What is the responsibility of FINTRAC?

FINTRAC has four objectives: To collect, analyse, assess and disclose information to assist in the detection, prevention and deterrence of money laundering and terrorist financing. To ensure that personal information under its control is protected from unauthorized disclosure.

What transactions must be reported to FINTRAC?

A large cash transaction report must be submitted to FINTRAC when a reporting entity receives $10,000 or more in cash in the course of a single transaction, or when it receives two or more cash amounts totalling $10,000 or more made within 24 consecutive hours by or on behalf of the same person or entity.

Do casinos report cash?

Currency Transaction Report (CTR), must be filed by casinos to report each transaction in currency involving cash-in and cash-out of more than $10,000 in a gaming day (31 CFR 1021.311).

Does Fintrac report to CRA?

The Shared Reporting Process will allow reporting entities to send Electronic Funds Transfers (EFT) reports simultaneously to both FINTRAC and to the CRA.

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Do Banks report to Fintrac?

Once you have determined that a cash transaction in foreign currency is in fact reportable based on the Bank of Canada rate, you will have to send a large cash transaction report to FINTRAC.

Do banks have to report large cash transactions?

Are Banks Required to Report Large Deposits? When a cash deposit of $10,000 or more is made, the bank or financial institution is required to file a form reporting this. This form reports any transaction or series of related transactions in which the total sum is $10,000 or more.

When should a suspicious transaction report be submitted?

A suspicious transaction must be reported as soon as possible and not longer than 15 working days after a person becomes aware of the facts which gives rise to the suspicion.

Why do casinos ask for ID when cashing out?

They want your info so they can start tracking how much you’ve cashed out for, in case you have additional transactions that put you over the $10k. It is enough to make them start gathering information.

Do casinos keep records?

Usually, the casinos do not specifically keep track of your losses; they are interested in both winnings and losses for their own statistics and information. They do keep track of winnings, in order to report winnings superior to $1,200 to the IRS.

Is structuring allowed in casinos?

No. This is called “structuring.” Federal law makes it a crime to break up transactions into smaller amounts for the purpose of evading the CTRC reporting requirement, and this may lead to a required disclosure from the casino or card club to the government.

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