FINTRAC Identity Verification
Collecting and storing seller identity for anti-money laundering compliance.
FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) requires realtors 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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