A brokerage's compliance officer finishes reviewing a transaction and concludes there are reasonable grounds to suspect money laundering. Under FINTRAC's guidance, when is the Suspicious Transaction Report due?
Correct Answer
B) As soon as practicable after reaching reasonable grounds to suspect
FINTRAC's guidance requires a Suspicious Transaction Report to be submitted as soon as practicable after the reporting entity has completed the measures that enable it to establish reasonable grounds to suspect that the transaction is related to money laundering or terrorist activity financing. The old 30-day deadline no longer applies, and no annual summary replaces individual reports.
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