If you are unsure about your large virtual currency transaction reporting obligations, please contact FINTRAC by email at Throughout this guidance, references to dollar amounts (such as $10,000) are in Canadian dollars (CAD) unless otherwise specified. You will also find field instructions to complete an LVCTR in Annex 1 What are the exceptions to reporting large virtual currency transactions?.Do I have other requirements associated to large virtual currency transactions?.What are the main considerations for completing an LVCTR?.When must I report large virtual currency transactions?.This legal responsibility cannot be delegated. However, as the reporting entity, you are ultimately responsible for meeting the requirements under the PCMLTFA and associated regulations, even if a service provider is reporting on your behalf. Footnote2Ī service provider can submit and correct LVCTRs on your behalf.
This does not apply if you are a life insurance broker or agent (unless you are an employee as explained above). Similarly, if you are a reporting entity, and you are an agent of, or you are authorized to act on behalf of another reporting entity, it is the other reporting entity's responsibility to meet the Large Virtual Currency Transaction Report (LVCTR) requirements associated to the activities you conduct on its behalf. If you are a person who is a reporting entity, and you are an employee of a reporting entity, your employer is responsible for meeting the Large Virtual Currency Transaction Reporting requirements associated to your activities as an employee. Large virtual currency transaction reporting requirements under the Proceeds of Crime (Money laundering) and Terrorist Financing Act (PCMLFTA) and associated Regulations are applicable to all reporting entity sectors. This guidance came into effect on June 1, 2021
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