A British Columbia real estate licensee discovers that their client may be using the property purchase to launder money. What is the most appropriate immediate action?
Correct Answer
D) File a Suspicious Transaction Report with FINTRAC
When a real estate professional has reasonable grounds to suspect money laundering, they must file a Suspicious Transaction Report with FINTRAC as soon as practicable. The licensee must not tip off the client about the report or investigation.
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Previous Question
A BC representative receives a $50,000 deposit from a buyer client on behalf of the brokerage. What does the Real Estate Services Act require the representative to do with it?
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A British Columbia licensee discovers that, on a purchase that completed six months ago, they never verified their buyer client's identity. Which legal regime imposed the identity verification duty they missed?