Are you who you say you are?

FINTRAC...For the unititiated, it means Financial Transactiosn and Reports Analysis Centre of Canada.

What it means is that as of June 23/08, new laws dealing with money laundering and anti-terrorist financing took place. Amongst other professionals, Real Estate professionals now have to collect and verify more personal information from Buyers and Sellers. Agents must now be able to track the source of funds used in housing transactions. These new regulations (part of Bill C-25), passed in 2007, are intended to help stop money laundering and terrorist financing.

Every real estate transaction from now on is under the new rules and verified personal information on clients must be kept available to FINTRAC representatives and be produced upon request. All agents are now required to ask all clients to prove their identity, date of birth, and place of employement, at a minimum.

Corporations--as clients--are required to produce much more, including corporate ownership documentation (naming directors).

For more information on FINTRAC and how it applies to Real Estate Sales Reps, brokerages, and consumers, contact any licensed representative, or go to: http://www.fintrac.gc.ca/