Humber/Ontario Real Estate Course 3 Exam Practice

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What is required to meet FINTRAC identification verification for a US citizen client wanting to sign agreements from the United States?

  1. The buyer must travel to Canada.

  2. Submission of a birth certificate and driver's license.

  3. US citizens are exempt from Canadian FINTRAC regulations.

  4. Use of a mandated representative to verify identity in person.

  5. Verification can be done solely via email.

  6. No identity verification is needed for foreign buyers.

The correct answer is: Use of a mandated representative to verify identity in person.

The correct approach for meeting FINTRAC identification verification for a US citizen client who wants to sign agreements from the United States involves utilizing a mandated representative to verify identity in person. This procedure is in line with the requirements set by FINTRAC to ensure that proper identification is obtained for clients, especially when they are engaging in transactions from abroad. This method helps ensure that the identity of foreign clients is verified adequately, which is crucial for compliance with anti-money laundering regulations and understanding the client’s background. By using an authorized representative, the process adheres to the established protocols for identity verification, maintaining the integrity of the transaction. The other options do not adhere to FINTRAC guidelines. For example, expecting the buyer to travel to Canada may not be feasible or necessary for completing the transaction. Submitting a birth certificate and driver's license might not fulfill all the required verification criteria. The notion that US citizens are exempt from Canadian FINTRAC regulations is inaccurate since everyone must comply with the identification verification standards. Verification solely via email does not satisfy the requirement for physical presence or documentation recognition. Lastly, there is indeed a requirement for identity verification of foreign buyers, which is critical in maintaining compliance with financial transaction regulations.

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