Which organization requires the completion of the Receipt of Funds Record for certain transactions?

The correct answer is that the completion of the Receipt of Funds Record for certain transactions is required by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC is a federal agency responsible for facilitating the detection and prevention of money laundering and the financing of terrorist activities. As part of its mandate, it requires certain reporting entities, including real estate professionals, to track and report financial transactions that meet specific criteria, including those involving the receipt of funds.

In the context of real estate transactions, the requirement to complete a Receipt of Funds Record helps ensure compliance with anti-money laundering procedures and contributes to the integrity of the financial system. This record is essential in monitoring large or suspicious cash transactions, thereby allowing authorities to trace the funds and identify any potential illegal activities associated with money laundering.

Other options do not necessitate the same specific requirements regarding the tracking of financial transactions in the context of anti-money laundering regulations as laid out by FINTRAC. Therefore, the association with FINTRAC underscores the importance of diligent record-keeping in maintaining the legal and ethical standards expected in the real estate industry.