FINTRAC Identity Verification
Collecting and storing seller identity for anti-money laundering compliance.
FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) requires real estate agents to verify the identity of parties in real estate transactions.
What you need to collect:Full legal nameDate of birthCitizenship / residency statusGovernment-issued ID type (passport, driver's license, PR card)ID number and expiry dateOccupation and employer (for risk assessment)
How Magnate360 handles it: In Phase 1 (Seller Intake) of the listing workflow, there's a dedicated FINTRAC section. Enter the seller's identity information and it's stored securely in the seller_identities table.
Compliance features:All identity data is encrypted at restAudit trail logs when identity was collected and by whomThe Compliance Agent monitors for missing identity recordsAlerts fire if a listing advances past Phase 2 without FINTRAC data
Multiple parties: For listings with multiple sellers (e.g., a couple), add each party's identity separately. Each gets their own FINTRAC record linked to the listing.
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