A real estate brokerage receives a $50,000 deposit by wire transfer on Friday afternoon. The client mentions the funds originated from the sale of cryptocurrency. What FINTRAC obligation applies?
Correct Answer
C) Submit a Suspicious Transaction Report if there are reasonable grounds
While wire transfers don't trigger automatic cash reporting thresholds, cryptocurrency origins may constitute suspicious circumstances requiring a Suspicious Transaction Report. Practitioners must assess whether there are reasonable grounds to suspect money laundering or terrorist financing.
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A real estate brokerage in Ontario discovers a $5,000 shortage in their trust account during a monthly reconciliation. What is the most serious immediate consequence they face under REBBA 2002?
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A real estate brokerage receives a $50,000 deposit on a Friday evening. According to trust account regulations, by when must this deposit be placed in the trust account?