Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, real estate professionals must determine beneficial ownership when a corporation is involved in a transaction. What is the minimum ownership threshold that triggers enhanced due diligence requirements?
Correct Answer
C) 25% ownership interest
FINTRAC regulations require identification of beneficial owners who own or control 25% or more of a corporation or entity involved in real estate transactions. This threshold is designed to identify individuals who exercise significant control while balancing practical compliance considerations.
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