Which federal legislation requires real estate professionals in Canada to report suspicious transactions that may involve money laundering?
Correct Answer
A) Proceeds of Crime (Money Laundering) and Terrorist Financing Act
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act is the federal legislation that establishes FINTRAC's authority and requires real estate professionals to report suspicious transactions. This act creates obligations for identifying clients, keeping records, and reporting suspicious activities to combat money laundering and terrorist financing.
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