Final answer:
The knowledge required of a Compliance Officer in real estate concerning FINTRAC obligations includes knowledge of business practices and trends, legal reporting requirements, and compliance programs related to financial transactions to prevent money laundering and terrorist financing.
Step-by-step explanation:
The knowledge typically required of a Compliance Officer in real estate regarding FINTRAC obligations is knowledge of business practices and trends (Option B). FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) is Canada's financial intelligence unit, and it plays an important role in detecting and preventing money laundering and terrorist financing activities. A Compliance Officer would need to be familiar with the legal requirements associated with reporting and record-keeping for financial transactions, as well as the compliance programs that must be implemented within their organization.
They need to understand how to conduct risk assessments, properly identify clients, keep records, and report transactions to FINTRAC. This includes identifying suspicious transactions that may require further investigation. Moreover, a thorough understanding of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations is crucial for a Compliance Officer to effectively execute their role and ensure their real estate business is in compliance with relevant laws and regulations.