Ontario Barrister and Solicitor Practice Exam

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Master the Ontario Barrister and Solicitor Exam with our comprehensive practice quiz. Tailored to the latest syllabus, it's the perfect tool to assess your readiness and ensure success.

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

30 days
60 days
90 days
45 days

The correct answer is: 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.