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Oliver Reprich

Oliver Reprich Muskoka REALTOR

What is FINTRAC?

In Canada, as of June 23, 2008, sellers (who are listing a property for sale) and buyers (signing an offer to purchase property) are now required to show a photo identification (at the time of signing) to the real estate salesperson or broker who is now required by law to record on a form the details from the photo I.D. as well as the person’s occupation. This information must be retained in the Real Estate Broker’s company files as a private record for FINTRAC review (if needed) regarding verification of the identity of persons buying or selling real estate in Canada.

FINTRAC (Financial Transactions and Reports Analysis Centre of Canada)

The Canadian government introduced the act after the attacks of Sept. 11, 2001 in the U.S. The legislation was accompanied by new regulations requiring certain targeted “high-risk” industries, including real estate, to implement client identification and record keeping requirements. The main requirements of the original legislation were to have a compliance program in place and to report suspicious and large cash transactions of $10,000 or more. The act came into force in 2000 and was expanded in 2001. Amendments to the act in 2008 created more obligations for various professions and industries, including real estate brokerages, brokers and salespersons.

This is why we REALTORs will ask you for photo ID and what your occupation is.

More common questions related to the topic: Legal

What are quitclaim deeds used for?

What is a quitclaim deed?

Why do I need to show my ID when listing my property?

What does the phrase grandfathered into something mean?

What is an easement, a restrictive covenant, and an encumbrance?

Can a condo property manager enter my condo unit without notice? 

What is Adverse Possession?

What is an Easement?

Why do Easements Exist?

How do I know if there's an Easement on my Property?

What is the difference between an S/T and a T/w easement?

Will the government protect my property boundaries?

What is an encroachment?

My neighbour says my fence is on their land and that I must move it. The fence was already on the property when I bought it 10 years ago. Do I have to move the fence?

Ask your own Question.

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