FINTRAC: Government Drafts Canadian REALTORS
Posted Jun 26, 2008 @ 9:16 am, Viewed by 977 Visitors, Read 1009 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
Rate this Post!
Share this Post
Print
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 
REW Blogs User Stats
Currently Online Users:
0
Total Users:
2,373
Entries:
7,486
Unique Views:
6,279,956
Total Views:
6,608,863
Total Comments:
9,224
Total REW Points:
510
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
Blog Information
Profile for CalgaryRealtor
Read More
Contact Me
RSS Feed- This User's Stats
-
Blog Entries: 55Average Blog Rating: 5Unique Views: 83,608Total Views: 87,321Comments Posted: 59Comments Received: 113REW Points: 0
- Friends
-
Top Rated
REW Blogs RSS Feed
A smart move in Canada. Thanks for the update, Jim.