Under FINTRAC requirements, a BC real estate licensee must verify the identity of which parties in a transaction?
Correct Answer
C) Their own clients, plus any party not represented by a licensee
FINTRAC guidance requires real estate brokers and sales representatives to keep an information record on every person or entity they act for in a purchase or sale and on any party to the transaction who is not represented by a real estate broker or sales representative, and to verify the identity of every person for whom an information record is kept. For third parties, the duty is to take reasonable measures to determine whether one is involved and to record that information.
Why This Is the Correct Answer
This answer is correct. The licensee verifies the identity of each client they act for and of any unrepresented party, because an information record must be kept on each of them.
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