A real estate professional in British Columbia receives multiple cash payments from the same client totaling $12,000 over three separate transactions within one week for the same property purchase. What FINTRAC reporting obligation applies?
Correct Answer
C) File one Large Cash Transaction Report covering all related transactions
Under FINTRAC regulations, multiple cash transactions that total $10,000 or more and are conducted by the same person within 24 consecutive hours are considered related transactions. These must be reported together on a single Large Cash Transaction Report, as they relate to the same underlying property transaction.
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