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I am acting for the vendor in a real estate transaction. I will be receiving the proceeds of the sale from the trust account of the purchaser’s lawyer and, after paying off the outstanding mortgage, will be giving my client a cheque drawn on my trust account for the balance. Do I have to verify my client’s identity?

Yes. The payment to your client is a financial transaction that triggers the verification requirements. Although there is an exemption from verification with respect to the funds you received from...

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