5) No mandatory federal transaction records
While we do have de facto transaction records for restricted firearms, as ownership transfers must be approved by provincial CFOs any time they are sold, there are no federal laws that require a gun store to declare that a transaction is taking place.
In the US, however, any potential buyer at a gun store must fill out a Form 4473, otherwise known as a Firearms Transaction Record, and include private information about themselves such as name, date of birth, address of residence, and even their social security number. This form is then given to the BATFE and the buyer undergoes a background check before the sale is authorized. These forms are not required for face-to-face private sales between two private individuals. This exemption is where the so-called “gun show loophole” originated from, where private sellers could sell a firearm in the parking lot of a gun show.
Additionally, depending on the jurisdiction, those with a concealed carry permit that is valid in their state may also be exempt from the Form 4473 requirement.