Humber/Ontario Real Estate Course 1 Exam Practice

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According to FINTRAC guidelines, what must a brokerage do if they receive multiple cash deposits totaling $11,000 over two days for the same transaction?

  1. Report the total amount in a Large Cash Transaction Report

  2. Ignore individual deposits under $10,000

  3. Only file a report if the deposits exceed $15,000

  4. Combine the deposits and file a single report

  5. Report each deposit separately

  6. Verify with the client before reporting

The correct answer is: Report the total amount in a Large Cash Transaction Report

According to FINTRAC guidelines, if a brokerage receives multiple cash deposits totaling $11,000 over two days for the same transaction, they must report the total amount in a Large Cash Transaction Report (LCTR). This is the correct procedure to follow in line with anti-money laundering and counter-terrorist financing regulations. Reporting the total amount ensures transparency and compliance with regulatory requirements to track and monitor large cash transactions effectively. In contrast, the other options are not correct because they do not align with FINTRAC guidelines. Ignoring individual deposits under $10,000, only filing a report if the deposits exceed $15,000, reporting each deposit separately, or combining the deposits and filing a single report could lead to non-compliance with regulations and missed opportunities to detect suspicious transactions. It is essential for brokerages to follow FINTRAC guidelines accurately to prevent money laundering activities and ensure the integrity of real estate transactions.

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