A client provides a real estate agent with $25,000 in cash as a deposit. What FINTRAC obligation does this trigger?
Correct Answer
A) 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.
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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 provides conflicting information about their identity during the verification process, and the real estate agent suspects the transaction may involve proceeds of crime. What is the agent's primary obligation under FINTRAC regulations?