Under FINTRAC's current requirements, when must a real estate brokerage submit a Suspicious Transaction Report?
Correct Answer
D) As soon as practicable
FINTRAC's guidance requires a Suspicious Transaction Report to be submitted as soon as practicable after the reporting entity has completed the measures that enable it to establish reasonable grounds to suspect that a transaction or attempted transaction is related to money laundering or terrorist activity financing. The former 30-day deadline was replaced by this standard.
Why This Is the Correct Answer
As soon as practicable is FINTRAC's current timing standard for Suspicious Transaction Reports, measured from completing the measures that establish reasonable grounds to suspect. No fixed day count applies.
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