New changes were introduced on June 23rd to the federal money-laundering legislation that is administered through FINTRAC. This will affect how real estate transactions are conducted in Canada.
Can I see some ID please?
The most notable ammendment that will affect the public is that now, whether buying or selling, Realtors are required to ID their customers, keep identification records and report regularly to FINTRAC.
Why do I have to show ID now when I’ve never had to before?
Real estate offices are now required by law to ask for ID. By providing this information when requested, you will ensure that financial institutions and others (including myself) can meet their legal obligation, and “support the fight against money laundering and terrorist financing.”
Types of ID Permitted
The following types of ID can be used: Birth certificate, driver’s licence, passport, record of landing, permanent resident card or other similar document, Alberta health card. The document must have been issued by a provincial, territorial or federal government, (ie. Company Identification Cards are not acceptable) must have a unique identifier number, and cannot be expired
For some this may not be a big deal. With others concerned with privacy issues this is a major change. However, it is now required of all new clients engaged in a transaction, whether buying or selling.
For more information, please visit the FINTRAC website.
