Question

When a cash deposit in a real estate transaction reaches $10,000 or more, what specific record is submitted to FINTRAC, eliminating the need for completion of the receipt of funds record?

A) Suspicious Transaction Report (STR)
B) Large Cash Transaction Report (LCTR)
C) Transaction Property Report (TPR)
D) Financial Transaction Report (FTR)

Answer 1

For cash deposits of $10,000 or more in real estate transactions, entities must submit a Large Cash Transaction Report (LCTR) to FINTRAC, which supersedes the need for a receipt of funds record.

Step-by-step explanation:

When a cash deposit in a real estate transaction reaches $10,000 or more, a Large Cash Transaction Report (LCTR) is submitted to FINTRAC. This eliminates the need for completion of the receipt of funds record. The LCTR is used to monitor large transactions that may be indicative of money laundering or other financial crimes. Financial institutions, real estate brokers, and other entities must report these transactions to authorities to ensure compliance with anti-money laundering regulations.