Mortgage Broker Licensing Practice Exam · Question
Scenario 19: Mortgage brokerages must report which transactions to FINTRAC under PCMLTFA?
Under PCMLTFA, mortgage brokerages must file Suspicious Transaction Reports (STRs), Terrorist Property Reports and other prescribed reports to FINTRAC. The corr
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Question: Scenario 19: Mortgage brokerages must report which transactions to FINTRAC under PCMLTFA?
Answer options:
- All transactions above CAD 1,000 ✅ Suspicious transactions and other prescribed reports such as terrorist property
- Only cash transactions involving non-residents
- Only transactions flagged by the lender
Correct answer: Suspicious transactions and other prescribed reports such as terrorist property
Explanation: Under PCMLTFA, mortgage brokerages must file Suspicious Transaction Reports (STRs), Terrorist Property Reports and other prescribed reports to FINTRAC. The correct answer is "Suspicious transactions and other prescribed reports such as terrorist property". This capacity-fill scenario 19 reinforces the same competency for the mortgage-broker bank and follows the certified explanation standard.
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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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