Under FINTRAC's beneficial ownership requirements, a real estate brokerage must obtain information about the individuals who own or control a corporation involved in a transaction. What level of ownership or control makes an individual a beneficial owner?
Correct Answer
B) At least 25%
FINTRAC defines beneficial owners as the individuals who directly or indirectly own or control at least 25% of a corporation or other entity. The brokerage must obtain their names and addresses and take reasonable measures to confirm the information. The 25% figure defines whose information must be collected; it is not a trigger for enhanced due diligence.
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