Fintrac Training

• ID the executor using the Really Trusted Individual Identification Record.
  
  

• Verify authority by obtaining Grant of Probate or Letters of Administration.
  
  

• No Beneficial Ownership search is required for an estate.
  
  

• Estate = third party → document this in the Purpose/Measures Record.
  
  

• ROFR is required for any funds received from the estate or executor.
  
  

• Confirm the executor matches the name registered on title (Land Titles rule).
  
  

• Apply ongoing monitoring: watch for inconsistent beneficiary instructions.
  
  

• Escalate any unusual behaviour to the broker immediately.

ID the trustee/attorney using the Individual Identification Record.

Obtain proof of authority:

• Trustee: Trust Indenture or Trust Agreement
  
  

• POA: Enduring Power of Attorney (must be in effect)
  
  

Identify the client as the trust, beneficiary, or grantor depending on capacity.

Treat trust funds as coming from a third party unless the trustee is the beneficial owner.

No Beneficial Ownership verification is required for a simple family trust unless a corporation is involved.

ROFR required for any trust funds received.

Document reasonable measures if trust documents lack clarity.

Escalate any confusion about authority to the broker.

Identify the corporation using Really Trusted’s Corporate Identification Record.

Collect documentation verifying:

• Corporate legal name
  
  

• Corporation number
  
  

• Registered office address
  
  

• Current directors (corporate registry extract)

• Corporate Shareholder Attestation
  
  

Verify Beneficial Ownership (25%+):

• Obtain shareholder registry, annual return, attestation, or registry extract.
  
  

• Identify & verify all beneficial owners using individual ID.
  
  

If beneficial ownership cannot be confirmed → document Reasonable Measures and notify broker.

ROFR required for any corporate funds received.

Treat anyone signing on behalf of the corporation as an authorized representative, not the client.

Apply enhanced measures for corporations from higher-risk jurisdictions or politically exposed links.

Ongoing monitoring required throughout the file.

Identify the partnership using the Corporate/Partnership Identification Record.

Obtain:

• Partnership Agreement, or
  
  

• Partnership Registration Certificate
  
  

Identify the partners with 25%+ control — verify their individual ID.

Treat partnership funds as third-party funds unless funds come from a partner personally.

ROFR required for any funds received.

Apply enhanced measures if the partnership operates in a high-risk sector or jurisdiction.

Escalate discrepancies in authority or partnership documentation.

ID the receiver using the Individual Identification Record.

Obtain proof of appointment: court order naming them as receiver.

Verify authority to dispose of the property (usually outlined in the order).

Client = the entity under receivership, not the receiver personally.

ROFR required if receiver transfers deposit funds to you.

Document reasonable measures if information on corporate ownership is unclear.

Monitor for unusual instructions between lender, receiver, and borrower.

ID the Public Trustee representative acting on the file.

Obtain appointment documentation or written confirmation.

No Beneficial Ownership verification is required.

ROFR is typically not required if all funds move lawyer-to-lawyer, but complete ROFR if funds come through the brokerage.

Apply ongoing monitoring due to complexity of estate/missing owner cases.

Escalate uncertainty in authority immediately.

Identify the client using the Individual Identification Record (passport allowed).

Ensure sanctions screening is completed (country-based risk).

Higher risk client: apply enhanced measures if from certain jurisdictions or ministerial directives.

Confirm Canadian bank account for deposits/refunds.

ROFR required for any funds received in Canada.

Document any difficulties verifying foreign ID (Reasonable Measures).

Escalate immediately if a non-resident refuses to provide full ID or proof of funds.

Watch for attempts to avoid Canadian funds trails.

If your buyer is your client, and the builder is treated as a customer, you:

• Do not identify the builder under FINTRAC unless:
  
  

  • The builder provides funds to you (deposit), or
    
    

  • You represent the builder in a transaction.
    
    

ID your buyer normally.

If the builder issues credits, deposits, or reimbursements → treat as third-party funds and complete ROFR.

Document any unusual payment instructions between builder and buyer.

Always identify the third party providing funds unless exempt (financial entity, public body).

Complete third-party section on the ROFR in Really Trusted.

Document the relationship between buyer and third party (Reasonable Measures).

Watch for red flags:

• Funds from overseas
  
  

• Deposits inconsistent with buyer’s profile
  
  

• Reluctance to explain the source of funds
  
  

Escalate immediately if funds cannot be traced to a legitimate financial account.

Identify your actual client only (seller or buyer).

You do not identify the tenant unless the tenant provides funds or becomes a party to the agreement.

Watch for:

• Rent-to-own structures
  
  

• Under-the-table rent adjustments
  
  

• Cash payments
  
  

ROFR required only if tenants provide funds.

Document any unusual involvement by tenants (e.g., directing terms of sale).