Under FINTRAC regulations, what is the threshold amount for mandatory reporting of large cash transactions in real estate?
Correct Answer
A) $10,000 or more
FINTRAC requires real estate professionals to report Large Cash Transaction Reports (LCTRs) for any cash transaction of $10,000 or more. This applies to single transactions or multiple transactions that appear to be related.
Why This Is the Correct Answer
Under FINTRAC regulations, real estate professionals must file Large Cash Transaction Reports (LCTRs) for any cash transaction of $10,000 or more. This threshold applies to both single transactions and multiple transactions that appear to be related within a 24-hour period. The $10,000 threshold is a federal requirement designed to help detect money laundering and terrorist financing activities in real estate transactions.
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Under FINTRAC regulations, what is the threshold amount for a single transaction that requires a Large Cash Transaction Report (LCTR)?
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