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Financial Transactions and Reports Analysis Centre of Canada The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is an independent agency responsible for the collection, analysis, assessment and disclosure of information in order to assist in the detection, prevention and deterrence of money laundering and financing of terrorist activities in Canada and abroad. Effective June 2008, FINTRAC requires real estate offices and their agents to track specific information. Lone Wolf will be adding fields to track whether the client has the status of being a corporation or an individual, and birthdates or incorporation dates based on that status. For the documentation that they require you to keep on hand, we suggest that you setup File Requirements (I.3.5), to track whether they have been received, ie. If the client is a corporation, you need a copy of the part of the official corporate records showing the provisions relating to the power to bind the corporation regarding the transaction. Receiving this document should be setup as a File Requirement, and can be deemed mandatory before the deal can be closed. A deposit receipt can be generated when adding or editing a deposit, there is a Print Receipt button. We strongly recommend that all Canadian companies visit the FINTRAC site for information on the requirements and reporting responsibilities: http://www.fintrac.gc.ca/re-ed/sc/re-cai-eng.asp |
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