Identity Verification

Standard Forms Spotlight: Client Identification and CREA Form Changes

With the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) latest regulatory amendments coming into effect on June 1, BCREA will retire the one-page BCREA Individual Identification Information Record as of May 31. The FINTRAC amendments redefine when brokerages enter into business relationships and as such, this one-page form will no longer meet brokerage’s

UPDATE: New Form Helps Brokerages Meet Anti-Money Laundering Requirements

UPDATE (March 24, 2021): Minor changes have been made to the Why Do REALTORS® Ask for Your Personal Information consumer video to provide greater clarity on the process for receipt of funds and to update the reference to the Individual Identification Information Record. All other aspects of this video remain unchanged. In September, BCREA released

Know Your Seller #513

Seller’s agents must be certain that they are dealing with the person with authority to list and sell the property. Confirming the identity and the authority of your clients may seem simple. However, in the global society today with complex deals, complicated ownerships of property and challenging deals, the pitfalls may be expanding. Examples of