A client hands a real estate professional a single document to verify their identity under FINTRAC requirements. Which document is enough on its own?
Correct Answer
A) Government-issued photo identification
Under FINTRAC's government-issued photo identification method, one authentic, valid and current photo ID issued by a federal, provincial or territorial government (or an equivalent foreign government) is enough on its own. A bank statement or a letter can serve only as one of two sources under the dual-process method. The credit file method requires the professional to search a Canadian credit bureau file at the time, and a copy supplied by the client is not acceptable.
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A brokerage's compliance officer finishes reviewing a transaction and concludes there are reasonable grounds to suspect money laundering. Under FINTRAC's guidance, when is the Suspicious Transaction Report due?
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