FINTRAC: Government Drafts Canadian REALTORS
Posted Jun 26, 2008 @ 9:16 am, Viewed by 990 Visitors, Read 1022 Times.
New federal laws and regulations dealing with money laundering and anti-terrorist financing that went into effect on June 23, 2008 will require real estate associates and brokers to collect and verify more personal information from buyers and sellers. Real estate associates must also now track the source of funds received during the course of a real estate transaction, such as the deposit.
These new regulations are part of federal legislation (Bill C-25) passed in 2007 that requires a number of industries, including real estate, to do more to help stop money laundering and terrorist financing. The regulations are enforced by the federal agency known as the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC. REALTORS will be required to ask for and record the name, address, date of birth and occupation of property buyers and sellers, plus ID such as a driver's licence or passport. Also under the new FINTRAC regulations, real estate associates dealing with clients they never meet must also verify their personal information. This will require the broker office to hire an associate or mandatary in the area where the client is located. That associate or mandatary must then meet the client, verify the identification of the client, and provide the information to the broker office actually handling the real estate transaction. Should a client refuse to disclose the information, a REALTOR would have to walk away from the deal or report the person to FINTRAC. Jim Sparrow sells Calgary Real Estate with Keller Williams Platinum Realty & specializes in South Calgary estate and luxury homes. Visit our website at Calgary Luxury Real Estate or contact me directly at 403.703.2404
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Social Bookmarking3 Responses to “FINTRAC: Government Drafts Canadian REALTORS”
Sounds like you have some of the rules we in the United States have via the Patriot Act.
Dave
(Most) People are more understanding about providing their personal info that I thought they'd be. That being said, I still think we should charge the gov't for all the time we spend filling out their paperwork 
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Jim Sparrow is a consistent top-producing Calgary REALTORŪ with Keller Williams Platinum Realty specializing in South Calgary estate and luxury homes.Visit our website at Calgary Real Estate or contact me directly at 403.703.2404
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A smart move in Canada. Thanks for the update, Jim.