BC real estate brokerages and realtors can now comply with FINTRAC anti-money laundering requirements when using LTSA’s Identity Verification service. The service has added the Canadian Real Estate Association (CREA) Individual Identification Information Record for FINTRAC compliant identity verification.
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requires the identity verification of clients and unrepresented parties who take part in real estate transactions. Identity Verification is a secure and convenient online service offered on myLTSA Enterprise designed to support Know Your Client (KYC) practice.
To use the form, myLTSA Enterprise customers should select “Add FINTRAC Form” (the CREA Individual Identification Information Record) after they complete the Identity Verification request. To reduce duplicate data entry, several data fields autocomplete. There is no additional fee to use the form.
The form is available for up to seven days after the Identity Verification request is completed. Customers are reminded to download a copy for their records.
For more information, please visit help.ltsa.ca.