Under federal FINTRAC regulations, what is the threshold amount above which real estate professionals must report large cash transactions?
Correct Answer
C) $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.
Why This Is the Correct Answer
Under federal FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations, real estate professionals must report Large Cash Transaction Reports (LCTRs) for any transaction involving $10,000 or more in cash. This threshold applies to both single transactions and multiple cash payments totaling $10,000 or more within a consecutive 24-hour period. The reporting requirement is designed to help detect and prevent money laundering activities in real estate transactions.
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