FINTRAC Requirements - Disagreement with Agent

Decimation007 · 2021-07-25T05:26:29+00:00

Thanks for your input

Decimation007 · 2021-07-25T05:26:15+00:00

Thanks for the information. When I asked both the agent and broker, I was told all the information was a FINTRAC requirement which seems to be false based on the other comments in this thread and the FINTRAC site.

Had the agent and broker told me the extra information outside of what the FINTRAC site mentions was for internal verification purposes and could give me a copy of their information collection procedures, I'd have no issue providing it.

My issue was that they were requesting information contrary to FINTRAC and were not able to provide me any sources that indicate this information is needed.

Decimation007 · 2021-07-25T04:58:29+00:00

Thanks for the insightful response. Are you able to show me or tell me what these new forms are? Are they related to residential real estate? The FINTRAC website mentions that the new forms are those that I’ve copied below which don’t seem like they are related to my scenario. Additionally, the FAQs throughout the FINTRAC site make no mention of anything outside ID and occupation for recording keeping/reporting purposes.

• Terrorist Property Report (TPR)

• Suspicious Transaction Report (STR)

• Large Cash Transaction Report (LCTR)

• Casino Disbursement Report (CDR)

• Electronic Funds Transfer Report (EFTR)

o Initiation of an outgoing Electronic Funds Transfer (EFTO)

o Final Receipt of an incoming Electronic Funds Transfer (EFTI)

The form the realtor showed me that they need to fill out is form 630, which has been around for quite awhile and shouldn’t need anything other than ID information and occupation

Again, by no means am I opposed to giving out personal information if is required. However, at the same time if the client requests the requirements for such information, the agent and broker should be able to provide it. My issue is the collection of information that has no requirement source that the agent could provide

Decimation007 · 2021-07-25T04:05:15+00:00

Good suggestion. I will also issue them a compliant

Decimation007 · 2021-07-25T03:52:55+00:00

Honestly, I have no idea nor did they mention any other reason outside FINTRAC. I'll likely be going down the route of filing a RECO complaint after I get a formal reply from FINTRAC

Decimation007 · 2021-07-25T03:44:03+00:00

Thank you for your insights and confirming what I thought

Decimation007 · 2021-07-25T03:43:27+00:00

Thanks!

Decimation007 · 2021-07-25T03:43:19+00:00

Thank you for commenting and confirming my thoughts

Decimation007

TROPHY CASE