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Are wired funds received from a lender or a buyers notary or lawyer considered cash?

April 26, 2017Buyers cash funds Lawyer Lender notary received wired

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Are wired funds received from a lender or a buyers notary or lawyer considered cash?

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Funds that are wired are not considered to be cash. ‘Cash’ is defined in subsection 1(2) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and refers to physical currency such as coins and bank notes.