FINTRAC Info ( Financial Transactions and Reports Analysis Centre of Canada )
Other
Q: Some media reports said that brokers have to keep the new FINTRAC records for seven years. Your material says 5 years. Which is it?
A: This information is not correct. Brokers are required to keep the information on file and available in FINTRAC requests for FIVE (5) years.
Q: Are new builders obligated to collect the above information as REALTORS® are for compliance with FINTRAC? What about lawyers?
Q: Some media reports said that brokers have to keep the new FINTRAC records for seven years. Your material says 5 years. Which is it?
A: This information is not correct. Brokers are required to keep the information on file and available in FINTRAC requests for FIVE (5) years.
Q: Are new builders obligated to collect the above information as REALTORS® are for compliance with FINTRAC? What about lawyers?
A: Builders are not captured by the new Federal AML/ATF regulations until February 20, 2009. Lawyers are not captured until December 30, 2008. While Lawyers must conform to the new client identification and record keeping requirements, they have no legal obligation to report this information to FINTRAC because they are protected from disclosing because of solicitor-client privilege. All implementation guidelines can be found on the FINTRAC website at www.fintrac.gc.ca
Q: Who else has to report this type of information to FINTRAC?
A: Reporting entities must report suspicious and certain other transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). In addition to real estate brokers and sales representatives, reporting entities include the following:
• financial entities (such as banks, credit unions, caisses populaires, trust and loan companies, and agents of the Crown that accept deposit liabilities);
• life insurance companies, brokers, and agents;
• securities dealers, including portfolio managers and investment counselors;
• persons engaged in the business of foreign exchange dealing;
• money services businesses;
• agents of the Crown that sell or redeem money orders;
• accountants (when carrying out certain activities on behalf of their clients);
• certain casinos.