Financial Transactions and Reports Analysis Centre of Canada
Financial Transaction Requirements:
What Your REALTOR® Needs to Do to Comply With the Law
New federal laws and regulations dealing with money laundering and anti-terrorist financing that went into effect on June 23, 2008 require real estate agents and brokers to collect and verify more personal information from buyers and sellers. Real estate agents must also now track the source of funds received during the course of a real estate transaction, such as the deposit.
REALTORS® require this identification information to comply with the law. It is the federalProceeds of Crime (Money Laundering) and Terrorist Financing Act that requires financial institutions and real estate agents, among other professionals and services covered by the legislation, to identify customers who conduct financial transactions.
Click here to read a brochure created by the Canadian Real Estate Association for buyers and sellers of real estate.
Clik Here to go to the Government of Canada FINTRAC website.