May I See Your ID Please?
New requirements came into effect on June 23rd that effects all real estate transactions.
The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) collects and analyzes intelligence on suspected money laundering and terrorist financing activities. It was created as part of the Canadian government initiative to fight money laundering and terrorist financing.
Under the new legislation, we must now keep a client information record for every purchase or sale of real estate. We will ask for and record ID that must be seen by us in person and, we are also now required to obtain other personal information such as occupations and birth dates of our clients. In the case of someone submitting a deposit, we record what financial institution the funds were drawn on and other details.
Where a client is not able to show us identification in person, we need to find someone called a “mandatary” to collect the data on our behalf after entering into an agreement with the brokerage to do so.
Already, I’ve had three transactions requiring the collection of this information and it has not been very comfortable for me. It’s awkward to ask such personal information in this day and age of privacy concerns and besides, it just seems plain rude to ask for birthdates. However, it is now the law.
Do you like what you are reading? Click here to subscribe and we’ll send new blog posts directly to your email inbox. P.S. Bloggers like comments!
When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who’is ready whenever you are!