Ontario Barrister and Solicitor Practice Exam

Question: 1 / 400

How long does a lawyer have to verify the identity of an organization when transferring funds on its behalf?

30 days

60 days

The correct answer is B because according to the Bank Secrecy Act, a lawyer must verify the identity of an organization within 60 days when transferring funds on its behalf. Answers A, C, and D are incorrect as they do not align with the timeframe specified by the Bank Secrecy Act. 30 days (option A) is too short of a timeframe and may not provide enough time for proper verification. 90 days (option C) is too long and may increase the risk of illegal or fraudulent activities. 45 days (option D) is not the specified timeline and could lead to non-compliance with the Bank Secrecy Act. Option B is the correct answer as it falls within the required timeframe and allows for sufficient identity verification.

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90 days

45 days

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