A client provides a real estate agent with $25,000 in cash as a deposit. What FINTRAC obligation does this trigger?
Correct Answer
B) File a Large Cash Transaction Report within 15 days
Cash transactions of $10,000 or more must be reported to FINTRAC through a Large Cash Transaction Report within 15 days. The large amount triggers mandatory reporting requirements under Canada's anti-money laundering legislation.
Why This Is the Correct Answer
Under FINTRAC regulations, real estate professionals must file a Large Cash Transaction Report (LCTR) for any cash transaction of $10,000 or more. Since the client provided $25,000 in cash, this exceeds the threshold and triggers the mandatory reporting requirement. The report must be submitted to FINTRAC within 15 calendar days of the transaction. This is a compliance obligation under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
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A client pays a $25,000 cash deposit for a property purchase. What FINTRAC obligation does this trigger for the real estate professional?
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A client gives conflicting identity information, and the salesperson now has reasonable grounds to suspect the transaction is linked to money laundering. What is the brokerage's reporting obligation to FINTRAC?