A BC brokerage receives three cash payments of $4,000 each from the same client for one purchase, on three different days more than 24 hours apart. Which statement about FINTRAC reporting is correct?
Correct Answer
D) No LCTR is required; consider whether the pattern supports an STR
A Large Cash Transaction Report is required for $10,000 or more in cash in a single transaction, or for amounts that total $10,000 or more within 24 consecutive hours. Payments of $4,000 on separate days more than 24 hours apart are never aggregated, so no LCTR is triggered, but the pattern may give reasonable grounds to suspect structuring and should be assessed for a Suspicious Transaction Report.
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