Paws for Thought Newsletter

Lone Wolf

Administrator Training in Kelowna, BC!
FINTRAC has published a consumer publication – What you need to know - to help consumers understand why you are now required to ask for identification. The publication answers the following questions consumers are most likely to ask:

Why do I have to show ID when I've been a repeat customer?
What type of ID do I have to provide?
What other information may I be asked to provide?
Where can I get more information?

If you'd like to get printed copies of this publication to provide to your clients and customers, please send your request to publications@fintrac.gc.ca.

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.

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

Record-Keeping
In addition to your existing requirements under the PC(ML)TFA, the changes which came into effect on June 23, 2008, means that you will also have to keep a client information record for every purchase or sale of real estate. A client information record will set out your client's name, address, date of birth and the nature of the client's principal business or occupation.

This information can be recorded on the People screen of your Trades (2.1).

If the client is a corporation, you will also need to keep a copy of the part of the official corporate records showing the provisions relating to the power to bind the corporation regarding the transaction.

This can be setup as a File Requirement (I.3.5), and reviewed and e-mailed to your agents in the Track File Requirements options (2.2).

Call 1-866-CRY-WOLF for more information - Visit our web site at www.lwolf.com

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