Mr. Jean-Luc Picard is preparing to sell his rural property in the Eastern Townships through broker Sisko Properties Inc. What is Sisko Properties Inc.'s obligation concerning FINTRAC client identification for Mr. Picard?

Question: Mr. Jean-Luc Picard is preparing to sell his rural property in the Eastern Townships through broker Sisko Properties Inc. What is Sisko Properties Inc.'s obligation concerning FINTRAC client identification for Mr. Picard?

Answer options: ✅ Sisko Properties Inc. must identify Mr. Picard at the first face-to-face meeting by reviewing original government-issued photo identification and recording the information.

• Sisko Properties Inc. must identify Mr. Picard only if the transaction exceeds $10,000, by obtaining a copy of his passport.
• Sisko Properties Inc. can delegate the FINTRAC identification obligation to the notary involved in the transaction.
• Sisko Properties Inc. is exempt from FINTRAC identification for sellers of rural properties, as it falls outside urban residential requirements.

Correct answer: Sisko Properties Inc. must identify Mr. Picard at the first face-to-face meeting by reviewing original government-issued photo identification and recording the information.

Explanation: Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated regulations, real estate brokers have an obligation to identify individuals for whom they act in a transaction. Client identification must be performed at the first face-to-face meeting by reviewing original, valid government-issued photo identification and recording the required information.