Question

In real estate transactions, what triggers the submission of a Large Cash Transaction Report (LCTR) to FINTRAC?

A) Cash deposits of any amount
B) Cash deposits of $5,000 or more
C) Cash deposits of $10,000 or more within 48 hours
D) Cash deposits of $10,000 or more within 24 hours

Answer 1

In real estate transactions, the trigger for submitting a Large Cash Transaction Report to FINTRAC is cash deposits of $10,000 or more within a 24-hour period.

Step-by-step explanation:

In real estate transactions, the submission of a Large Cash Transaction Report (LCTR) to FINTRAC is triggered when there are cash deposits of $10,000 or more within 24 hours. This reporting requirement is part of anti-money laundering and counter-terrorism financing regulations aimed at preventing illicit activities by tracking large cash transactions. Entities involved in real estate transactions must be vigilant to these regulations, ensuring that their businesses comply with anti-money laundering laws and properly submit LCTR when necessary.