A real estate agent in Alberta receives a $25,000 deposit paid in cash by a buyer. What FINTRAC obligations apply to this transaction?
Correct Answer
C) Verify client identity and file a Large Cash Transaction Report within 15 days
Since the cash payment exceeds $10,000, the agent must verify the client's identity and file a Large Cash Transaction Report with FINTRAC within 15 days. The agent must also maintain records of the transaction and client identification for the required period.
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A real estate agent in Alberta receives a $25,000 deposit from a client in cash for a property purchase. What immediate actions must the agent take?
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