As previously mentioned, FINTRAC has come to real estate.
To recap, in order to prevent money laundering, terrorism, and badism, we now have to ask you for a bit extra documentation if you're buying or selling real estate. Even if you done this with the same realtor several times, we have to do it again.
The majority of transactions will be quite simple. We just need your name, address, and a driver's license or an alternate ID. A compliance officer in our office retains all records (us Realtors don't retain them personally, unlike most of our other paperwork) and waits for the government to come sniffing for ill-begotten property.
It's not as intrusive as it sounds, like we're not dealing with Social Insurance Numbers or getting bank statements.
Please drop me a line if you have any questions about it. Otherwise, here's what the media is saying:
London Free Press
Reuters
CTV
CNW Group
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