As of mid-2026

FINTRAC's Most Wanted

Failing to report electronic funds transfers at or above $10,000 (EFTR)

Welcome back to FINTRAC's Most Wanted! We're at #10 on our list of FINTRAC monetary penalties.

Since last year, two companies were fined with: Failing to report the final receipt of an international electronic funds transfer at or above $10,000 within a 24 hour window (EFTRs).

Sending money internationally is easy but reporting on it can be messy. The biggest hurdle is not seeing the transactions, that's straightforward, but it's grouping that makes this a headache. FINTRAC wants you to file if the $10,000 threshold is crossed by sender, recipient, or any involved third parties.

So for example, if a crooked accountant is laundering money on behalf of multiple companies, you might miss that because your system isn't aggregating on all the parties of a transaction. And that's usually because you're dumping raw data into a spreadsheet, or you're using some sort of vibe coded in-house software or something that's homebrew that really isn't up to the complex task of compliance in this way, and so you're potentially opening yourself up to regulatory scrutiny.

At Rhizome we take the mess out of international movement, so if you send your transactions to us via API or bulk upload, our system automatically generates all the reports you need as they come in. We handle the heavy lifting of grouping by sender. You don't need a data scientist on staff to build a specialized pipeline for this; you just use our system and you get full audit trails, permissions, and everything else you need.

Reach out to us to see more, or take a look at our transaction monitoring solutions.