A real estate professional notices that a client is using multiple bank drafts from different financial institutions for a single transaction and appears nervous when asked about the source of funds. What should the professional do?
Correct Answer
B) File a Suspicious Transaction Report (STR) with FINTRAC
This scenario presents multiple red flags for potential money laundering, including unusual payment methods and suspicious client behavior. Under FINTRAC requirements, real estate professionals must file a Suspicious Transaction Report when they have reasonable grounds to suspect money laundering or terrorist financing, regardless of the transaction amount.
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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?
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A real estate professional suspects that a client is using the transaction to launder money but cannot definitively prove it. The transaction involves a legitimate $500,000 property purchase with proper documentation. What should the professional do?