Fine Homes in Nine Oh Five
  Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
   
 
betty@bettybart.com
905 828-3434
 
 
 
 
Market Trends
 
FINTRAC New Regulation

FINTRAC

In Canada, as of June 23/08, sellers (who are listing a property for sale) and buyers (signing an offer to purchase ) are now required to show a photo identification (at the time of signing) to the real estate salespersonbroker who is now required to record on a form called:

“CLIENT INFORMATION RECORD”

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 buyingselling real estate in Canada.

Canada’s federal law, THE PROCEEDS OF CRIME (MONEY LAUNDERING) AND TERRORIST FINANCING ACT has established an administration called FINTRAC (The FINancial Transactions and Reports Analysis Centre of Canada) which currently has a staff of over 300 people (head office in Ottawa with Regional Offices in Toronto, Vancouver and Montreal) to administer the requirements under Canada’s federal law which now affects NOT ONLY real estate brokers (as of June 23/08) but also has already covered the banking industry, life insurance companies, security dealers, foreign exchange businesses, accountants and casinos.

Worldwide, it is established that the equivalent of about $500 BILLION (U.S.) is laundered each year and most industrialized countries over the last several years have established new laws in order to fight both money laundering and suspected terrorist financing activities on both the domestic and international levels.

This article was provided by STEPHEN H. SHUB PROFESSIONAL CORPORATION BARRISTER, SOLICITOR, NOTARY.  For further information please click here  for Stephen Shubcontact Betty to discuss.


 
 


  © BETTY BARTUSEVICIUS of Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of service provided by the real estate professionals who are members of CREA. Used under license
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license