What is FINTRAC?
If there is one thing that REALTORS® don't look forward to doing, it's filling in FINTRAC forms. The rules around FINTRAC change often, and the clients don't understand why these forms need to be completed; however, REALTORS® must fill them in and keep them on record.
This week, we'll look at FINTRAC. Do you know the rules governing the collection of FINTRAC data?
Take this quick four-question quiz to find out!
Every party that is signing the documents needs to have FINTRAC forms filled in for them, including spouses, POA, owners of the property, etc. Form #630, 634 are required for each.
According to the FINTRAC rules, each Brokerage is required to have a Compliance Officer that keeps up-to-date on compliance, and is responsible for conveying that information to the members of that brokerage.
This new form was produced in order to curb corruption in some sectors. For more information, please see your Compliance Officer or FINTRAC Guide.
The correct time to ID your client is at the time of the transaction. The only exception is for Corporations, where you have 30 days after signing to ID the Corporation.
Oops! Your FINTRAC knowledge could use some improvement!
Why not check out the Canadian requirements for the use of FINTRAC forms by Real Estate Agents? It's the best way to stay at the top of your game and avoid fines and other disciplinary action for non-compliance.
Stay tuned for next week's quiz!
Congratulations! You've aced this quiz!
If, at any time, any aspects of the FINTRAC regulations are not clear to you, we strongly recommend that you check Government of Canada's record keeping requirements for real estate brokers or sales representatives, and real estate developers.
Stay tuned for next week's quiz!