Under federal FINTRAC regulations, what is the threshold amount above which real estate professionals must report large cash transactions?
Correct Answer
B) $10,000
FINTRAC requires real estate professionals to report Large Cash Transaction Reports (LCTRs) for any transaction involving $10,000 or more in cash. This reporting requirement helps track large cash movements that could be associated with money laundering activities and applies to all cash transactions, whether received in a single payment or multiple payments within 24 hours.
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