Q & A

Do I have to set up separate FINTRAC files to record basic information on all my homebuyers?

NO. You can record this information (verified buyer I.D., date-of-birth, occupation) in whatever way is most convenient. This would include simply amending your Agreement of Purchase to include these information items. FINTRAC simply requires this information to be available to it on request.

Do I have to use government-issued ID to verify every buyer's identification, even if I know the person?

YES, this is what FINTRAC requires. Your records need to include details on the government-issued identification documents provided (i.e., photo ID, Birth Certificate), including its type and issuance number. The only time you can avoid doing this is for a repeat buyer, where it has previously been done.

What do I do if someone refuses to provide me with government-issued photo identification?

You should note this on the sales file, but you can continue with the sale. You still have a responsibility to obtain whatever personal identification information your client is willing to provide.

Also, in cases where a client refuses to provide personal identification documents, or any other FINTRAC related information, you need to consider why they are refusing to do this. If you believe the client is trying to evade government detection of their involvement in the transaction, you should make a Suspicious Transaction Report to FINTRAC. Review the Suspicious Transaction section of the website for other indicators that money laundering may be taking place.