What is the minimum amount for which real estate professionals must file a Large Cash Transaction Report (LCTR) with FINTRAC?
Correct Answer
B) $10,000 in cash
FINTRAC requires real estate professionals to file a Large Cash Transaction Report when they receive $10,000 or more in cash in a single transaction or multiple transactions that appear to be related. This helps combat money laundering activities in real estate.
Why This Is the Correct Answer
Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, real estate professionals must file a Large Cash Transaction Report (LCTR) with FINTRAC when they receive $10,000 or more in cash in a single transaction or multiple related transactions. This $10,000 threshold is a federal requirement designed to detect and prevent money laundering activities in real estate transactions across Canada.
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