Under FINTRAC guidance for real estate brokers and sales representatives, which activity by itself requires an Alberta brokerage to verify a person's identity?
Correct Answer
A) Acting as a seller's agent in listing and selling their home
FINTRAC's guidance says a real estate broker or sales representative must verify client identity when acting as an agent in the purchase or sale of real estate, and must keep an information record on every person for whom it acts as agent in a purchase or sale; identity must be verified for every person on whom an information record is kept. Other triggers include receiving funds in any amount, large cash or virtual currency receipts of $10,000 or more, and suspicious transactions. Paying out a referral fee, greeting open house visitors or preparing a market report for someone who is not buying or selling are not among them.
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