The Federal Government recently introduced the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FINTRAC receives, analyzes, assesses and discloses financial intelligence on suspected money laundering, terrorist financing and threats to the security of Canada.
Real estate brokers and agents are now required to verify their clients' identities following specific FINTRAC regulations and to keep a client information record for every purchase or sale of real estate. If some parties in a real estate transaction are not represented by a real estate broker, the broker/agent will need to verify those parties' identities.
Financial institutions are also required to verify their clients' identities for certain transactions following specific FINTRAC regulations.
For more information on FINTRAC:
- Visit the FINTRAC website