As you may know, one of the methods criminals can use to integrate their money or place their money into the financial system is through structuring. A simple example of this is depositing large sums of money in cash just under the reporting threshold, which is $10,000—so $9,900. They can do this over multiple days with the same financial institution or many financial institutions. Budget 2023 introduced a new criminal offence for purposely structuring financial transactions to avoid having the financial institution do the reporting.
On February 8th, 2024. See this statement in context.