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.
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