When should a cash deposit of $10,000 or more be reported to FINTRAC?

A cash deposit of $10,000 or more must be reported to FINTRAC within 15 days because of Canada's commitment to combatting money laundering and the financing of terrorism. This regulation is designed to ensure that significant financial transactions are tracked and monitored, as they may indicate illicit activities.

The requirement for reporting within this timeframe allows FINTRAC to effectively analyze and respond to potentially suspicious transactions in a timely manner. Reporting delays could hinder investigations or the identification of patterns of unlawful behavior. By setting a 15-day limit, financial institutions and reporting entities can fulfill their obligations to assist in maintaining the integrity of the financial system and safeguarding against abuse.

The other timeframes offered, such as 30 days or 45 days, do not comply with the strict regulations set by FINTRAC, which emphasize quick action in reporting large cash transactions. Immediate reporting is not feasible because institutions need time to verify and submit accurate reports, thus reinforcing the necessity of the 15-day window.