The following is a summary of the
legislative requirements under the PCMLTFA
applicable to real estate brokers or sales
representatives when they engage in any of
the following activities on behalf of any
person or entity in the course of a real
estate transaction:
Receiving or paying of funds
Deposit or withdrawal of funds or
Transfer of funds by any means
Obligation to
Report
Suspicious
Transactions: You must report
where there are reasonable grounds to
suspect that a transaction is related to
the commission of a money laundering
offence or to the financing of a
terrorist activity.
Terrorist
Property: You must report where you know
that there is property in your
possession or control that is owned or
controlled by or on behalf of a
terrorist or a terrorist group.
Large cash
transactions: Large cash transactions
involving amounts of $10,000 or more
received in cash, must be reported.
Other
Obligations
Keep records of
all large transactions (over $10,000)
Specific measures must be taken to
identify any
individual who conducts large cash
transactions
Where a large cash transaction
record is required, you must take
reasonable measures to determine whether
the individual is acting on behalf of a
third party. In cases
where a third party is involved,
specific information about the third
party and the relationship with the
individual providing the cash must be
obtained.
For more information
on suspicious activity, visit
FINTRAC.
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