Humber/Ontario Real Estate Course 3 Exam Practice

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In what scenario would a deposit need to be reported to FINTRAC?

If received in cash over $10,000
If paid by certified cheque
If it's part of a larger suspicious pattern
If it involves a cheque from a private person
If it’s transferred between banks
If it’s part of the down payment

The correct answer is: If received in cash over $10,000

A deposit would need to be reported to FINTRAC if it is received in cash over $10,000. This is because cash transactions over $10,000 are subject to reporting requirements to combat money laundering and terrorist financing activities. Reporting such transactions to FINTRAC helps maintain the integrity of the financial system and prevent illegal activities. Therefore, any cash deposit exceeding $10,000 must be reported to FINTRAC. Options B, C, D, E, and F are incorrect because they do not specifically address the threshold for reporting to FINTRAC, which is cash deposits over $10,000. While certain scenarios like suspicious patterns or transfers between banks may raise red flags and warrant further investigation, the specific requirement for reporting to FINTRAC in this context is cash transactions exceeding $10,000.