A real estate professional suspects that a client's funds may be proceeds of crime but cannot definitively prove it. The transaction involves legitimate documentation and the client provides reasonable explanations. What is the appropriate FINTRAC compliance action?
Correct Answer
C) File a Suspicious Transaction Report while proceeding with due diligence
Under FINTRAC regulations, reasonable grounds to suspect money laundering requires filing a Suspicious Transaction Report, even without definitive proof. The professional should file the STR while continuing with normal client service, as the reporting requirement is separate from the business decision to proceed.
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A real estate professional suspects that a client's funds may be proceeds of crime but the transaction appears otherwise legitimate. Under FINTRAC obligations, what records must be maintained regarding this suspicious transaction report?
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