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Fintrac Reporting System & App
Real-Estate Agent Systems is a company started by real-estate agents working to lead the way in providing improved efficiencies for the real estate industry. Making the tasks that go along with buying property easier for everyone!
Our Challenge: Freedom from the form!
In every real estate transaction the government requires that agents must obtain identification information for the individual purchasers as well as any corporate information for corporate purchasers. This information is then scrutinized by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities. This important step was accomplished by the agent filling out a paper form and then submitting it to the office for review… time consuming, error ridden and ecologically unfriendly. Our mission: get rid of the paper form!
Our Solution: Paper saved and problems solved!
Web Wizards designed and created Fintracker, an online FINTRAC reporting system for Real-Estate Agent Systems, that can be filled out from a mobile device thereby eliminating the need for paper forms. The mobile App (iOS and Android) can also scan the identification information from the client’s driver’s license, removing the burden of copying the information to the form. This virtually made the process error proof and also drastically reduced the amount of time it took to fill the form out!
We’re tracking success!
The Fintracker System makes agents happy because they save time and effort completing necessary forms which allows for uninterrupted listing or purchase presentations. And no more bulky paper forms to contend with!
Brokerages enjoy reduced administration (with less stress on compliance officers). Forms can now be submitted prior to receiving an offer to purchase or a listing contract. And information is automatically stored more securely with military grade encryption.
Government authorities may now access an upgraded, secure database that allows cross-referencing and has the ability to alert the governing body when high risk is detected. The Fintracker System also allows them to audit remotely, which greatly reduces man hours. Also reduced is the amount of wasted paper normally associated with FINTRAC reporting—30-35 million sheets annually!