The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada's financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control.
FINTRAC is a mandatory part of all Real Estate Transactions. The FINTRAC system is enforced federally and your information is confidential.
The Real Estate Agent you are dealing with is required by federal law to ask for and verify your personal information. By providing this information when requested, you will ensure that they can meet their legal obligations The Act requires REALTORS to keep identification records, and track all funds ( not just large amounts of cash) provided during the real estate transaction.
Under the rules, REALTORS are required to obtain, record, and retain the personal information of their clients, including date of birth and occupation. To do this, they must ask for a government-issued identification document such as a driver’s license, passport or residency card. REALTORS are required to keep a record of this information on file in the brokerage for a period of five years.