Under FINTRAC regulations, what is the minimum threshold amount for a cash transaction that requires a large cash transaction report?
Correct Answer
C) $10,000
FINTRAC requires real estate professionals to file a large cash transaction report for any cash transaction of $10,000 or more. This applies to single transactions or multiple transactions that appear to be related and total $10,000 or more within 24 hours.
Why This Is the Correct Answer
Under FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations, real estate professionals must file a large cash transaction report for any cash transaction of $10,000 or more. This threshold applies to single transactions or multiple related transactions within a 24-hour period that total $10,000 or more. This requirement is part of Canada's anti-money laundering and anti-terrorist financing legislation.
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