A Canadian brokerage has reasonable grounds to suspect that a client's purchases are linked to money laundering. The client refuses to explain large cash payments. What is the brokerage's FINTRAC reporting obligation?
Correct Answer
A) Submit a Suspicious Transaction Report as soon as practicable
FINTRAC requires a Suspicious Transaction Report to be submitted as soon as practicable after the reporting entity has completed measures that establish reasonable grounds to suspect the transaction is related to money laundering or terrorist financing. The old fixed 30-day deadline no longer applies.
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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?
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