A client pays a $25,000 cash deposit for a property purchase. What FINTRAC obligation does this trigger for the real estate professional?
Correct Answer
B) Submit a large cash transaction report within 15 days
Receiving $10,000 or more in cash in a single transaction requires a Large Cash Transaction Report to FINTRAC within 15 calendar days after the day the cash is received. The identity of the person giving the cash must also be verified at the time of the transaction. A $25,000 cash deposit is well over the $10,000 threshold.
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