We know that many of you have been struggling with EFT reporting Gen 1 transactions within the Gen 2 environment within FWR. FINTRAC has published guidance that provides support in reporting your backlog of transactions:
https://fintrac-canafe.canada.ca/reporting-declaration/fwr/fwr-eftr-eng
Some notable details from guidance for Gen 1 reporting are as follows:
If you are reporting a non-SWIFT transaction, create the report in the FWR system
If you are reporting a SWIFT transaction, use the batch upload feature within FWR
If you are reporting an outgoing EFT, use the initiation report
If you are reporting an incoming EFT, use the final recipient report
Field specific instructions are detailed within the guidance document
Mandatory fields are indicated with an * and are required fields
Mandatory where applicable fields have both an * and “if applicable” and are required if those fields apply to the transaction being reported
FINTRAC has announced that the deadline to report backlog reports is MARCH 31, 2025. FINTRAC has advised that non-compliance with the March 31, 2025 deadline may result in enforcement actions, including Administrative Monetary Penalties (AMPs), for late submissions that lack a valid justification. FINTRAC also advised that a Voluntary Self-Declaration of Non-Compliance (VSDONC) does not exempt you from these responsibilities.
The AML Shop can help with these reporting backlogs or if you have any questions related to EFT reporting, or other compliance matters. Reach out to us today at contactus@theamlshop.ca