ID Please...

On June 23rd, 2008 new federal money laundering and anti-terrorist financing regulations came into effect that require real estate agents and brokers to collect personal identification information from buyers and sellers.

As a REALTOR®, I am required by The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to know and be able to identify my clients.  One way to do that is to ask for ID whenever a financial transaction is taking place.  Selling and buying real estate is a financial transaction.

FINTRAC collects, analyzes and discloses money laundering and terrorist financing activities.  It was created as part of a Canadian government initiative to fight money laundering and terrorist financing, both domestically and internationally. 

Money laundering is the process used to disguise the source of money or assets derived from criminal activity.  This illegal activity can include drug trafficking, smuggling, fraud, extortion and corruption.  Criminals must launder the profits and process from these crimes to be able to enjoy them.  Buying and selling real estate is one of many techniques that can be used to obscure the trail leading back to the underlying crime.

Your REALTOR® will always ask to see a valid identification such as a birth certificate, a driver's license, or similar type of document when you proceed to buy or sell a house.   If you do not provide ID, the transaction will still proceed, but your REALTOR® is legally obligated to report the lack of cooperation to FINTRAC.  FINTRAC will undoubtedly investigate further.

By providing this information when requested, you will ensure that we can meet our legal obligations, and support the fight against money laundering and terrorist financing.

For further information you can visit FINTRAC's web side at
 www.fintrac.gc.ca or call toll-free 1-866-346-8722.

I'm here for YOU.

~Ciao