Buying / Selling Info
CLIENT IDENTIFICATION: INDIVIDUAL
Important new Money Laundering and Terrorist Financing legislation has recently been introduced and implemented in the Real Estate industry by the government. FINTRAC -- the federal agency responsible for the collection, analysis, and disclosure of information to assist in the detection, prevention, and deterrence of money laundering and terrorist financing activities in Canada and abroad -- has introduced a number of compliance requirements regarding client identification and records keeping. Records should be updated at least every 2 years.
The form that your agent will be using is called the "Individual Identification Information Record". This form must be completed in its entirety.
- To identify an individual, refer to the individual's birth certificate, driver's license, passport, record of landing, permanent resident card, Certificate of Canadian Citizenship, old age security card, certificate of Indian status, or other similar document and record the information on the Individual Identification Information Record. Ideally, the identification document should bear a picture of the individual.
- For a document to be acceptable for identification purposes, it must have a unique identifier number. Also, the document must have been issued by a provincial, territorial, or federal government. For example, the Manitoba driver's license number begins with the first few letters of the individual's name and is currently on Part 2 of the license, not on the picture portion.
- The document also has to be a valid one and cannot have expired. For example, an expired driver's license or passport is not acceptable.
- When you refer to a document to identify an individual, it has to be an ORIGINAL and not a copy of the document.
- A Social Insurance Number (SIN) can be used to verify the identity of a client, but the SIN number itself is not to be provided to FINTRAC on any type of report. Therefore, it is recommended that you do not use a SIN for identification purposes.
- A provincial or territorial identification card issued by any of the following is also acceptable:
- the Insurance Corporation of British Columbia
- Alberta Registries
- Saskatchewan Government Insurance
- Department of Service Nova Scotia and Municipal Relations
- Department of Transportation and Public Works of Prince Edward Island
- Service New Brunswick
- Department of Government Services and Lands of Newfoundland and Labrador
- Department of Transportation of the Northwest Territories
- Department of Community Government and Transportation of the Territory of Nunavut
- Formal identification issued by the Department of National Defense (DND)
- The following documents are NOT acceptable:
- A birth or baptismal certificate issued by a church
- An identification card issued by an employer for an employee even if government issued
- A Manitoba health card or any provincial health card from Ontario or Prince Edward Island.
- Valid foreign identification if equivalent to an acceptable type of Canadian identification document would also be acceptable for the purposes of individual identification. For example, a valid foreign passport or an international driver's license would be acceptable.