Definition:
An Electronic Funds Transfer Report (EFTR) is a mandatory report submitted to FINTRAC when an international electronic funds transfer (EFT) of CAD 10,000 or more is sent or received within a 24-hour period.

Contextual Explanation:
Financial institutions, MSBs, and PSPs must track and report significant electronic transfers to prevent money laundering, fraud, and terrorist financing.

Why It Matters:
EFTRs provide oversight of large international fund flows and help authorities identify suspicious cross-border transactions. Non-compliance can result in financial penalties.

Example:
A PSP processes an international wire transfer of CAD 15,000 from Canada to a high-risk jurisdiction. The PSP must file an EFTR with FINTRAC.