Under FINTRAC regulations, which transaction amount triggers mandatory reporting requirements for real estate practitioners?
Correct Answer
A) $10,000 or more in cash
FINTRAC requires real estate practitioners to report any cash transactions of $10,000 or more within 15 days. This threshold applies to single transactions or multiple related transactions totaling $10,000 or more.
Why This Is the Correct Answer
Under FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations, real estate practitioners must report any cash transactions of $10,000 or more. This threshold applies to both single transactions and multiple related transactions that total $10,000 or more within a 24-hour period. The report must be submitted within 15 days of the transaction. This requirement is part of Canada's anti-money laundering and anti-terrorist financing legislation.
Why the Other Options Are Wrong
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