Mortgage Agent Licensing Practice Exam · Question
According to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), what is a mortgage agent's reporting obligation regarding suspicious transactions?
Mortgage agents must report suspicious transactions to their brokerage's Chief Compliance Officer. The CCO is then responsible for submitting a Suspicious Trans
Start free practice for Mortgage Agent Licensing Practice Exam
307 questions · no signup required · 40 free questions per day
Question: According to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), what is a mortgage agent's reporting obligation regarding suspicious transactions?
Answer options:
- Report all transactions over $10,000 to the local police. ✅ Report suspicious transactions to their brokerage's Chief Compliance Officer, who then reports to FINTRAC.
- Maintain records of all transactions for five years but no reporting is required.
- Only report transactions involving foreign entities.
Correct answer: Report suspicious transactions to their brokerage's Chief Compliance Officer, who then reports to FINTRAC.
Explanation: Mortgage agents must report suspicious transactions to their brokerage's Chief Compliance Officer. The CCO is then responsible for submitting a Suspicious Transaction Report (STR) to FINTRAC, as required by PCMLTFA.
Start free practice for Mortgage Agent Licensing Practice Exam
307 questions · no signup required · 40 free questions per day
More about Mortgage Agent Licensing Practice Exam
Related Questions
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
- Which type of lender typically offers the most flexible underwriting criteria but often at higher interest rat
- Which of the following bodies is primarily responsible for regulating mortgage brokers and agents in Ontario?
More for Mortgage Agent Licensing Practice Exam candidates
FAQs
Question explanations
- Which of the following is NOT a primary provider of mortgage default insurance in Canada?
- When must a mortgage agent provide the borrower with certain disclosures regarding the proposed mortgage, part
- Michael and Jennifer are applying for a mortgage to purchase a home in Calgary for $700,000. Their combined gr
- Which of the following scenarios would typically lead to a higher mortgage interest rate for a borrower?
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free Mortgage Agent Licensing Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.