A real estate professional is acting for a buyer. Under FINTRAC requirements, which situation prevents the professional from going ahead with the transaction while staying compliant?
Correct Answer
B) When they cannot complete the required identity verification
A real estate broker or sales representative must verify the identity of each client they act for in a purchase or sale, using a prescribed method, at the time of the transaction (PCMLTFR ss. 58(1), 101(1)(a), 105(7)(a)). If that verification cannot be completed, the professional cannot carry out the transaction and stay compliant. The other situations bring extra steps, such as a large cash report or verifying a corporation within 30 days, but do not stop the deal.
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