Eliminating Paperwork, Reducing Risk: Fintracker’s Next-Gen Solution
A Custom Platform for Real-Estate Compliance Workflows
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!
FINTRACKER
The Challenge
In every real estate transaction, the government requires that agents must obtain identification information for the individual purchasers and 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 critical 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, 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 drastically reduced the time it took to fill out the form.
The Results
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). For example, 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 can alert the governing body when high risk is detected. The Fintracker System will also enable them to audit remotely, significantly reducing effort. Also reduced is the amount of wasted paper commonly associated with FINTRAC reporting—30-35 million sheets annually!