Frequently asked money transfer questions

Are money transfers regulated in Canada?

The government of Canada keeps a track on the large transactions in order to prevent frauds and keeping country safe. If you are receiving or sending money more than $10,000 then the bank you complete transaction needs to report it to FINTRAC (Financial Transactions and Reports Centre of Canada). FINTRAC stores this information with it and, if required for the investigation of a crime, passes it on to the RCMP (Royal Canadian Mounted Police), municipal police or CSIS (Canadian Security Intelligence Service).

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