A buyer provides a $50,000 cash deposit for a luxury property purchase. Under FINTRAC regulations, what additional step must the real estate professional take?
Correct Answer
A) File a Large Cash Transaction Report within 15 days
Cash transactions of $10,000 or more require a Large Cash Transaction Report to be filed with FINTRAC within 15 days. This helps track large cash movements that could indicate money laundering.
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A brokerage's trust account shows a shortage of $5,000 during a routine audit. What is the most serious immediate consequence under provincial regulations?
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