Under FINTRAC's guidance for real estate brokers, a brokerage receives a deposit cheque from a person. When must the brokerage verify that person's identity?
Correct Answer
C) For funds in any amount
FINTRAC's real estate guidance says a broker or sales representative must verify the identity of a person from whom it receives funds in any amount, at the time of the transaction. The $10,000 figure is the large cash transaction threshold, which brings its own report and identification duty, and there is no $3,000 threshold for real estate.
Why This Is the Correct Answer
Funds in any amount is correct because FINTRAC's guidance requires a real estate broker to verify the identity of a person from whom it receives funds in any amount, at the time of the transaction. There is no minimum amount.
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