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 the BCREA Individual Identification Information Record, a new one-page form created to help REALTORS®and brokerages record the identification of clients and unrepresented parties in low-risk face-to-face transactions. This form supports Realtors and brokerages in meeting anti-money laundering requirements and keeping the proceeds of crime out of BC real estate markets.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) requires brokerages to verify the identity of clients and unrepresented parties who take part in a transaction. The BCREA Individual Identification Information Record can be used in low-risk face-to-face transactions to document identification information, including name, address, date of birth, nature of principal business or occupation, and additional information.
To help you better understand this new form and how it helps you meet your anti-money laundering and FINTRAC requirements, we’ve created a tutorial video for Realtors:
We’ve also created a video for you to share with consumers to help them better understand why you require their personal information and how and where that information will be used and stored:
Finally, we’ve created a toolkit on the Standard Forms Resource Centre to help you get to know the BCREA Individual Identification Information Record. The toolkit includes the downloadable form, an annotated version to guide you in completing the form, an interactive how-to guide, frequently asked questions, practice tips, and additional resources. To access the toolkit, click here (REALTOR Link® login required).
If you have further questions, please reach out to the BCREA Standard Forms team at [email protected].
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