A real estate salesperson receives a $50,000 deposit from a client purchasing a property. Under FINTRAC requirements, what must the salesperson do regarding client identification?
Correct Answer
A) Verify the client's identity using government-issued photo identification
Under FINTRAC regulations, real estate professionals must verify client identity using reliable government-issued photo identification for all transactions. This verification process is a key component of Canada's anti-money laundering framework and must be completed before conducting any real estate transaction involving the receipt of funds.
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Previous Question
A real estate salesperson receives a $25,000 deposit from a client who pays with three separate cash payments of $8,000, $9,000, and $8,000 over two days. What FINTRAC reporting obligation applies?
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