Under FINTRAC regulations, which of the following triggers a mandatory reporting obligation for a BC real estate licensee?
Correct Answer
A) Receiving $10,000+ in cash in one transaction, or cash amounts totalling $10,000+ within 24 hours
Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, real estate professionals must report large cash transactions of $10,000 or more (or multiple cash amounts totalling $10,000+ within 24 hours) to FINTRAC. They must also file Suspicious Transaction Reports when there are reasonable grounds to suspect money laundering or terrorist financing, regardless of the amount.
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