FINTRACKER APP

With FINTRAC turning up its intensity on audits and fines, it has never been more important to equip agents with the tools to do the job effectively, efficiently and effortlessly. FINTRACKER has you covered.

Save time, paper and money with the FINTRACKER APP.

Download for FREE from the App Store or Google Play

FINTRAC has announced that the “soft method” to identify non-physically present clients will expire on March 1, 2022.
Fintracker™ is excited to introduce its new Remote ID Process. Remote ID should only be used when a client is NON-physically present. The tool is currently free but a $2.99 fee per use will be applicable in the near future.

Fintracker allows Members to comply with their FINTRAC regime effectively and efficiently.

For the last two years agents were allowed to use a soft approach method to identify non-physically present clients. These clients are out of country or out of city when buying properties. FINTRAC has asked that as of March 1st, real estate use a technology to authenticate and verify identity. Fintracker has sourced this software here in Canada and it comes at a fee per transaction. Agents are aware that this should only be used when clients are not physically present. The other acceptable method would be to hire a mandatary to go and identify the client on your behalf. This was the original method. Although we see this as becoming a convenience tool for agents, they will still be required to complete the forms and submit them. Fintracker provides a full report on the backend checklist that meets the criteria required by law (i.e. colour of ID, shape, size, font, forgery check, facial biometrics, etc.).

This service is optional but if used will require a $2.99 fee per use, paid for in the future through an in-app purchase. The basic methods of identification within Fintracker and the completion of the corporate ID and receipt of funds will remain under the contract service fee. No additional cost to the Boards / Associations. NOTE: RAGBOS currently pays the contract fee on behalf of Members.

Another third-party feature Fintracker is going to be housing within its software is the ability to run the names through AML (Anti Money Laundering) checks, known entities, known terrorist groups, politically exposed etc.

Simon Fiore, REALTOR®

Fintracker - President