Automate Large Cash Transaction Reports (LCTRs)

From cash receipt to FINTRAC filing, without the manual work

What Is an LCTR?

A $10,000 cash threshold and a 24-hour aggregation rule

A Large Cash Transaction Report (LCTR) is the report Canadian reporting entities must file with FINTRAC when they receive $10,000 CAD or more in cash in a single transaction. The obligation also applies under the 24-hour rule: when two or more related cash receipts total $10,000 CAD or more within a static 24-hour window and involve the same conductor, third party, or beneficiary, they must be reported together as one LCTR.

Cash means coins and banknotes in Canadian or foreign currency. Cheques, money orders, other negotiable instruments, and virtual currency are not cash for LCTR purposes and may be reportable under other rules. For foreign currency, the amount is converted to Canadian dollars to test the threshold. Reports are due within 15 calendar days after the day the cash is received, and a copy must be kept for at least five years.

Rhizome turns that recurring obligation into an automated workflow. Connect your transaction and customer data, let our monitoring engine identify and aggregate reportable cash activity, validate the FINTRAC fields, and file directly with the regulator. Your team reviews exceptions instead of rebuilding the same reports every day. See how our threshold reporting automation works.

How Rhizome Automates LCTR Filing

One pipeline from raw cash transaction data to a filed report

From Cash Receipt to Filed Report

Four steps, fully auditable

Who Needs to File an LCTR?

Reporting entities that receive cash

LCTR obligations apply across the financial sector and beyond. They cover financial entities such as banks, credit unions, caisses populaires, trust and loan companies, life insurance companies, and securities dealers; money services businesses and foreign money services businesses; casinos; dealers in precious metals and precious stones; real estate brokers, sales representatives, and developers; accountants and accounting firms; and British Columbia notaries. Some sectors only have obligations when carrying out specific activities, and limited exceptions apply. For example, cash received from a financial entity or public body is generally not reportable. If you already file LVCTRs or EFTRs, Rhizome can run LCTR reporting through the same ingestion, monitoring, and filing pipeline. Learn more about our Canadian compliance coverage.

LCTR vs. LVCTR: What's the Difference?

Same threshold, different asset

LCTRs and LVCTRs share the same $10,000 CAD threshold and 24-hour aggregation logic, but they cover different assets. An LCTR reports cash: coins and banknotes. An LVCTR reports receipts of virtual currency. A transaction that combines both, or a customer who moves between cash and crypto, can generate separate reports. Rhizome applies the right rules to each transaction type from a single data pipeline. See how LVCTR automation works.

LCTR Frequently Asked Questions

What is an LCTR? A Large Cash Transaction Report is a report filed with FINTRAC when a reporting entity receives $10,000 CAD or more in cash in a single transaction, or in two or more related cash receipts that total $10,000 CAD or more within a static 24-hour window.

What is the 24-hour rule for LCTRs? Under the 24-hour rule, two or more cash receipts that total $10,000 CAD or more within a static 24-hour window must be aggregated into a single LCTR when the reporting entity knows they involve the same conductor, the same third party, or the same beneficiary.

When is an LCTR due? Within 15 calendar days after the day the cash is received. A copy of the report must be retained for at least five years from the date it was created.

Who has to file an LCTR? All FINTRAC reporting entities that receive cash can have LCTR obligations, including financial entities, money services businesses, casinos, dealers in precious metals and precious stones, real estate brokers and developers, securities dealers, life insurance companies, accountants, and British Columbia notaries. Sector-specific rules and limited exceptions apply.

What counts as cash for an LCTR? For LCTR purposes, cash means coins and banknotes in Canadian or foreign currency. Cheques, money orders, other negotiable instruments, and virtual currency are not cash and may be reportable under other FINTRAC rules.

Can Rhizome file an LCTR directly with FINTRAC? Yes. Rhizome validates LCTRs and transmits them through FINTRAC's API, then stores the confirmation receipt and a complete audit trail. Corrections and resubmissions use the same workflow.

Do I still need to verify identity and determine third parties? Yes. Reporting entities must verify the identity of the conductor and determine whether a third party is involved where applicable. Rhizome captures and validates those fields, but the reporting entity remains responsible for the obligation.

Can one transaction require an LCTR and another report? Possibly. A large cash receipt can also require a Suspicious Transaction Report when there are reasonable grounds to suspect money laundering or terrorist financing, and an Electronic Funds Transfer Report when the disposition involves a reportable international transfer. Rhizome lets your team escalate a threshold report to an STR in one click, carrying over the transaction, customer, and filing details so the investigation starts with the full picture.

How are foreign currency amounts converted to CAD? Rhizome uses the Bank of Canada's daily average exchange rate for the transaction date. When the Bank does not publish a rate, such as on weekends and holidays, we use the most recent prior business day.

See how Rhizome can automate your LCTR workflow, or another report or jurisdiction. In addition to FINTRAC reports, we're designed for easy filing all over the globe.