Individual Identification Information Record
As of June 23rd, 2008, you must keep an Individual Identification Record for every purchase or sale of real estate. This form or report will set out the name, address, and date of birth of the client or customer, and the nature of the their principal business or occupation.

Compliance Regime
This is the compilation of broker office policies, and procedures required to comply with the federal legislations and regulations. A compliance regime must include appointment of a compliance officer, compliance policies and procedures in writing, a procedure for updating records, and an assessment and documentation of risks related to money laundering and terrorist financing for the office.

Large cash transaction
This is defined as any cash involved in a real estate transaction of $10,000 Cdn or more. Two transactions each of $5,000 or more executed within a 24 hour period should be considered as one.

Mandatary
A Mandatary is an agent or representative who has a specific mandate that does not detract from their regular profession. The mandate is usually specified in a service agreement.

Receipt of Funds Record
As of June 23rd, 2008, a REALTOR® may have to complete and retain a new report called a Receipt of Funds Record. It will apply when you receive any amount, whether or not it is in cash.

Suspicious transaction
Defined as when there are “reasonable grounds" for a REALTOR® to be suspicious of those involved in the transaction, or in the future use of the property. Those “reasonable grounds" can include a substantial down payment in cash, unusual sources for cash, a transfer from an offshore bank, someone purchasing personal property under a corporate veil, no inspection of property, multiple properties purchased in a short period of time, multiple sources of funds for deposit, or a buyer coming to the closing with cash.

Suspicious attempted transaction
Now the “reasonable grounds" used for a suspicious transaction also apply to an attempted transaction, and the report must be filed to FINTRAC once an offer is made. The report must be filed whether the client completes the transaction or not.

Unrepresented entity
A buyer or seller in a transaction not represented by a licensed real estate practitioner or member of the provincial bar association (lawyer).