Who requires licensees to maintain a Receipt of Funds Record?

The correct identification of who requires licensees to maintain a Receipt of Funds Record is based on the regulatory framework governing financial transactions in real estate. FINTRAC, which stands for the Financial Transactions and Reports Analysis Centre of Canada, has specific requirements aimed at monitoring and preventing money laundering and terrorism financing.

Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, FINTRAC mandates that real estate professionals, among other entities, keep detailed records of financial transactions, including receipts for funds received in the course of their business. This measure ensures transparency and compliance with anti-money laundering regulations.

In contrast, the other organizations mentioned, such as CREA (Canadian Real Estate Association), the Real Estate Council, and local government entities, primarily focus on industry standards, regulatory practices, and local governance issues rather than the specific financial transaction records mandated under federal legislation enforced by FINTRAC.