UFV campus in Abbotsford.

UFV bans cash after accepting 17 payments over $10k last year

Ban on cash payments follows report warning of potential money laundering through universities

The days of walking into the University of the Fraser Valley with a bagful of cash to pay for tuition are over.

UFV has scrapped cash payments for tuition after the province asked all post-secondary institutions to stop accepting large cash payments in the wake of concerns about money laundering around the province.

Peter German’s second money laundering report earlier this year reported that some students were known to pay tuition fees in cash, and then withdraw from courses and receive a cheque for reimbursement. After the release of the report, the province recommended that universities ban large cash payments and review their policies.

RELATED: Eleven people paid a $10,000-plus Abbotsford tax bill in cash last year

UFV’s decision to scrap cash payments for tuition and fees is a result of those recommendations. But Dave Pinton, the university’s director of communications, stressed that there was no indication that more than a dozen huge cash payments received by UFV in the last fiscal year were connected to money laundering. A review into the university’s cash policies “did not speculate” on the causes of the large cash payments, Pinton wrote in an email.

He said that “eliminating cash supports the safety and security of students’ payments” and that payments routed through banks and credit card companies, “are secure and can be documented through the Canadian financial system.”

UFV received 17 cash payments exceeding $10,000 in 2018/19, Pinton said.

Those payments account for a tiny percentage of all cash payments the university received, he added. Most students already use some method other than cash.

Many organizations must report cash payments over $10,000 to FINTRAC, the federal anti-laundering agency in charge of preventing money laundering.

But attorney general David Eby noted earlier this year that such payments to universities aren’t tracked and could be considered a “black hole.”

Some universities have long banned cash payments. UBC has not accepted cash payments for tuition for more than a decade.

Do you have something to add to this story, or something else we should report on? Email:
tolsen@abbynews.com


@ty_olsen
Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Kent, Sts’Ailes First Nation granted emergency preparedness funding

Province provides funding as part of ongoing initiative

Recreational chinook openings leave First Nations frustrated on the Lower Fraser

Limited recreational openings for chinook on the Chehalis and Chilliwack rivers being questioned

Some Chilliwack residents dealing with water on land and underground

City reminds homeowners to be ready for basement floods as Fraser River and water table rises

Rescuers come up empty after scouring Coquihalla River for 50-year-old man

Police, search teams, drones and helicopters were involved in the two-day search

RCMP ask for help to find missing Chilliwack teenager

Eighteen-year-old Abigail Amber Peters Swan was last seen in Abbotsford

Horrifying video shows near head-on collision on Trans Canada

The video was captured on dash cam along Highway 1

Fraser Valley woman complains of violent RCMP takedown during wellness check

Mounties respond that she was not co-operating during Mental Health Act apprehension

B.C. sees 12 new COVID-19 cases, no new deaths

Three outbreaks exist in health-care settings

Lost dog swims Columbia River multiple times searching for home

The dog was missing from his Castlegar home for three days.

COVID-19: B.C. promotes video-activated services card

Mobile app allows easier video identity verification

ICBC to resume road tests in July with priority for rebookings, health-care workers

Tests have been on hold for four months due to COVID-19

Would you take a COVID-19 vaccine? Poll suggests most Canadians say yes

75 per cent of Canadians would agree to take a novel coronavirus vaccine

Abbotsford school vice-principal accused of getting Instagram ‘confessions’ page shut down

@A.S.S.S.Confessions page claims school officials contacted families to find out person behind page

Most Read