Under FINTRAC regulations, what is the threshold amount for a single transaction that requires a Large Cash Transaction Report (LCTR)?
Correct Answer
C) $10,000 or more
FINTRAC requires real estate professionals to submit a Large Cash Transaction Report for any single cash transaction of $10,000 or more. This helps combat money laundering and terrorist financing in real estate transactions.
Why This Is the Correct Answer
Option C ($10,000 or more) is correct according to FINTRAC regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. This threshold has been established to capture significant cash transactions that may indicate money laundering or terrorist financing activities. Real estate professionals must submit an LCTR within 15 days of receiving $10,000 or more in cash in a single transaction, regardless of whether it's received in one payment or multiple payments within 24 consecutive hours. This requirement applies to all cash payments, including deposits, down payments, or any other cash consideration in real estate transactions.
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