Under FINTRAC requirements, what amount of cash received from a person in a single transaction triggers a Large Cash Transaction Report?
Correct Answer
D) $10,000 or more
A real estate brokerage must submit a Large Cash Transaction Report to FINTRAC within 15 calendar days when it receives $10,000 or more in cash in a single transaction. Under the 24-hour rule, two or more cash amounts totalling $10,000 or more received within 24 consecutive hours by or for the same person also trigger a report.
Why This Is the Correct Answer
This answer is correct because FINTRAC requires a Large Cash Transaction Report when a reporting entity receives $10,000 or more in cash in a single transaction. The threshold includes exactly $10,000.
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Under FINTRAC's guidance for real estate brokers, a brokerage receives a deposit cheque from a person. When must the brokerage verify that person's identity?
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