Over the past months Realtors have been learning to deal with a Government Program called: FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). There is a stringent list of requirements that Realtors must follow.
The most common requirement that Buyers and Sellers must be prepared for is their agent asking them to identify themselves (even if the Buyer or Seller is their Mother). That identity will be kept by the Buyer’s or Seller’s Broker. Realtors must also report any suspicious transactions, Terrorist properties and large cash transactions.
There has been some discomfort in the Realtor ranks because the it puts Realtors in a situation where we are policing our clients at the same time as having to abide by Government regulations regarding privacy. When your long-time Realtor sheepishly asks you for your Driver’s License or Passport please be patient and know that they are feeling as uncomfortable as you are for asking.
On an interesting note…at a Conference that I attended in San Francisco a few months back, the audience was told of out-of-country buyers arriving with “bags of cash money”. I was shocked at that time, that the United States, a major target of terrorism, had no similar reporting requirements and was again proud to be a Canadian.
If you have any questions about FINTRAC and Real Estate or other transactions, you can find the information on the Fintrac site by clicking here.