Under FINTRAC regulations, when must a real estate broker or salesperson acting in a purchase or sale verify the identity of an individual client?
Correct Answer
A) At the time of the transaction, whatever its value
A real estate broker or sales representative must keep an information record for every person they act for in a purchase or sale (PCMLTFR s. 58(1)(b)) and must verify that person's identity (s. 101(1)(a)) at the time of the transaction (s. 105(7)(a)). The duty does not depend on the value of the deal or on how it is paid. The 30-day window applies only to verifying corporations and other entities from which funds are received.
Why This Is the Correct Answer
This answer states the rule: for an individual client in a purchase or sale, identity is verified at the time of the transaction (PCMLTFR ss. 101(1)(a) and 105(7)(a)), whatever the value and however it is paid.
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