Humber/Ontario Real Estate Course 3 Exam Practice

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the Humber/Ontario Real Estate Course 3 Exam with our practice quizzes. Study using multiple-choice questions complete with hints and explanations. Ace your exam with confidence!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

Which of the following is NOT a report or record required under FINTRAC?

Receipt of Funds Record
Large Deposit Record
Terrorist Property Report
Individual Identification Information Record
Suspicious Transaction Report
Currency Transaction Report

The correct answer is: Large Deposit Record

The correct choice in this scenario is indeed that "Large Deposit Record" is not a report or record specifically mandated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). FINTRAC requires various reports and records aimed at preventing money laundering and financing terrorism. The other options listed are all officially recognized by FINTRAC within the framework of compliance procedures: - The Receipt of Funds Record is necessary to keep track of funds received by an entity. - The Terrorist Property Report is vital for identifying and reporting any assets related to terrorism. - The Individual Identification Information Record serves to verify the identities of clients. - The Suspicious Transaction Report is crucial in highlighting any transactions that appear suspicious or unusual. - The Currency Transaction Report is required for tracking cash transactions that exceed certain thresholds. By understanding the specific requirements set out by FINTRAC, it becomes clear that the Large Deposit Record does not fit within the framework of mandatory reports aimed at identifying and reporting suspicious activities or transactions.