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Real Estate Agent with RE/MAX Twin City Realty Inc., Brokerage

I recently attended a 3 hr. course offered through my real estate board regarding FINTRAC.  The new federal law being implemented to deter identity theft, ant terrorism and money laundering that requires us to get proper identification when acting for either the buyer or seller.  In addition to this we must also fill out a form identifying the deposit.  Atleast thats what I thought we had to do, however in the course we learned that this procedure is currently suspended.  We are suppose to keep a look out as further direction will becoming forthwith within the next few months on exactly what to do with the receipt of funds record.   Currently our brokerage is telling us to fill out the form, if we are acting on behalf of the buyer and keep it in our files.  We are not forwarding this form onto the Listing office,  We were told some talk is to have the buyers agent fill out the form and forward the form along with the deposit cheque to the listing office.

I was just wondering what other brokerages are being instructed to do. Apparently by the end of the year there will be some pretty hefty penalties for not following the FINTRAC law.   I just wish to simplify things that our instructions would be concise, instead of hearing one thing - only to have that changed on us before we are even comfortable with the changes.

Would be interested on anyones comments, views on this.