A licensee is assisting a buyer client with an offer on a property. The buyer provides a deposit cheque made out to the licensee's brokerage. The buyer, an older individual, presents a valid BC Driver's License. Under FINTRAC requirements, what is the licensee's primary obligation regarding client identification?

Question: A licensee is assisting a buyer client with an offer on a property. The buyer provides a deposit cheque made out to the licensee's brokerage. The buyer, an older individual, presents a valid BC Driver's License. Under FINTRAC requirements, what is the licensee's primary obligation regarding client identification?

Answer options: ✅ Verify the buyer's identity by examining the driver's license and recording the information in a client identification record.

• Only verify identity if the transaction is over $100,000.
• Ask for a second piece of identification to be absolutely certain.
• Since the deposit is a cheque, no further identification is needed.

Correct answer: Verify the buyer's identity by examining the driver's license and recording the information in a client identification record.

Explanation: FINTRAC requires licensees to identify individuals for whom they act in respect of a real estate transaction. This involves examining valid government-issued identification and recording the information in a client identification record, regardless of the deposit amount or type. This is stipulated under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.