Mortgage Broker Licensing Practice Exam · Question
Under what circumstances must a mortgage broker report a suspicious transaction to FINTRAC?
Mortgage brokers, as reporting entities, are legally obligated to report suspicious transactions to FINTRAC (Financial Transactions and Reports Analysis Centre
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Question: Under what circumstances must a mortgage broker report a suspicious transaction to FINTRAC?
Answer options:
- When the transaction involves more than $10,000 in cash. ✅ When there are reasonable grounds to suspect that a transaction is related to a money laundering or terrorist financing offense.
- When any client refuses to provide identification.
- Only when directly instructed by a client to do so.
Correct answer: When there are reasonable grounds to suspect that a transaction is related to a money laundering or terrorist financing offense.
Explanation: Mortgage brokers, as reporting entities, are legally obligated to report suspicious transactions to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) if there are reasonable grounds to suspect money laundering or terrorist financing activities, regardless of the amount.
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Question explanations
- What is the typical time frame for a mortgage agent to provide the required disclosure statement to a client?
- Funds received from a client or investor that the brokerage holds on their behalf must be deposited into:
- Ontario mortgage agents must complete which of the following at each licence renewal?
- Which entity is responsible for licensing and regulating mortgage brokers and agents in Ontario?
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