How long must real estate professionals retain client identification records under FINTRAC requirements?
Correct Answer
C) 5 years from the date the record was created
Under FINTRAC regulations, real estate professionals must retain client identification records for at least 5 years from the date the record was created. This retention period ensures records are available for compliance reviews and potential investigations.
Why This Is the Correct Answer
Option C is correct under FINTRAC regulations pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Real estate professionals must retain client identification records for a minimum of 5 years from the date the record was created. This applies to all identification documents, beneficial ownership information, and related compliance records. The 5-year period is calculated from when the record was initially created, not from transaction completion or relationship termination, ensuring consistent application across all reporting entities.
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