A real estate professional suspects that a client's large cash deposit may be proceeds of crime. Under FINTRAC requirements, what action must they take?
Correct Answer
B) Complete the transaction but file a suspicious transaction report
When suspicious activity is detected, FINTRAC requires filing a suspicious transaction report while generally continuing with the transaction to avoid tipping off the client. Alerting the client to suspicions could compromise law enforcement investigations and is specifically prohibited under the regulations.
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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?
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