Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam. Study with challenging questions and detailed explanations to enhance your understanding. Get ready to excel in your exam!

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What term is used to describe an agent responsible for FINTRAC identification verification?

Administrator
Auditor
Compliance officer
Mandatary
Record keeper
Trustee

The correct answer is: Mandatary

The term that describes an agent responsible for FINTRAC identification verification is "Mandatary." In the context of compliance with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), a mandatary is an individual or entity that operates on behalf of a reporting entity to fulfill specific obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. A mandatary is tasked with ensuring correct identification and verification processes are followed according to the legislation's requirements, thereby helping to prevent money laundering and the financing of terrorist activities. This role is vital in maintaining compliance with FINTRAC's regulations and ensuring that proper procedures are in place for identity verification. Understanding the role of the mandatary is crucial for real estate professionals, as they must ensure that they meet compliance standards to uphold the integrity of the property transaction process and protect the interests of all parties involved.