Final answer:
The correct answer is C) 2 transactions in 5 years, as per FINTRAC requirements to establish a business relationship that necessitates identification verification.
Step-by-step explanation:
According to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) requirements, a business relationship is established when either an account has been opened by a customer at any financial entity or there have been two transactions or activities requiring identification within a five-year period. Therefore, the correct answer to the question is C) 2 transactions in 5 years. It's important for businesses and financial institutions to comply with these regulations to prevent and detect money laundering and terrorist financing activities.