Question

What is the required timeline for submitting a report to FINTRAC in the case of a Suspicious Transaction Report (STR)?

A) Within 5 days
B) Within 15 days
C) Within 30 days
D) Within 45 days

Answer 1

The required timeline for submitting a Suspicious Transaction Report (STR) to FINTRAC is within 30 days of the initial detection of the suspicious activity.

Step-by-step explanation:

The required timeline for submitting a Suspicious Transaction Report (STR) to FINTRAC is within 30 days after the day on which the suspicious transaction was first detected. Given the options provided in your question, the correct answer would be C) Within 30 days. It's important to report as promptly as possible, to ensure that timely action can be taken where necessary. This requirement is a key component of anti-money laundering and counter-terrorist financing efforts.