What is a primary responsibility of REALTORS® regarding FINTRAC?

A primary responsibility of REALTORS® regarding the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is to protect personal data against unauthorized access. This is crucial because REALTORS® are often entrusted with sensitive personal information from clients during the process of real estate transactions.

FINTRAC requires real estate professionals to comply with anti-money laundering (AML) and reporting obligations, which include taking necessary steps to safeguard client information. By implementing security measures and best practices, REALTORS® can ensure that their clients' private information is handled securely, thereby fulfilling their obligations under the law and maintaining trust in their professional relationships.

While monitoring market prices, handling customer disputes, and managing transaction records are important aspects of a REALTOR's role, they do not directly correlate to the specific obligations related to FINTRAC. Protecting personal data aligns closely with both compliance standards and ethical responsibilities in the real estate industry.