A real estate agent suspects a client may be involved in money laundering but the transaction appears legitimate on paper. The client has provided all required documentation. What should the agent do?
Correct Answer
B) File a Suspicious Transaction Report with FINTRAC
Even when documentation appears complete, real estate professionals must file Suspicious Transaction Reports when they have reasonable grounds to suspect money laundering. Suspicion alone triggers the reporting obligation regardless of paperwork completeness.
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Previous Question
A real estate agent receives a $50,000 cash deposit from a client who claims to be purchasing the property for their elderly parent who doesn't speak English. The client provides minimal documentation and requests the transaction close quickly. What compliance obligations must the agent fulfill under FINTRAC regulations?
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A real estate brokerage discovers an error in their trust account reconciliation showing a shortage of $5,000. What is the most appropriate immediate action under provincial regulations?