The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
In Canada - as a real estate representative we have a number of forms that we must present to our clients and/or customers for signature. One of the forms is an Identification form.
The government has formed an administration called FINTRAC - The Financial Transactions and Reports Analysis Centre of Canada. The administration is in charge of administering the requirements under Canada's federal law (The Proceeds of Crime (Money Laundering) and Terrorist Financing Act).
This law requires real estate representatives who are working with sellers (those listing a property) and buyers (those signing an offer to purchase) to show photo identification to the real estate person. We are required to have completed and ready for audit an Client Information Record.
The Client Information Record will require your full name, address, telephone number, a person's occupation and of course photo identification with the documents numbers and the place of issue.
Most clients and customers I work with are not at all familiar with the requirement. Again, this is all about communication.
Passport Picture provided by Striatic from Flickr.
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