FINTRAC ( Financial Transactions and Reports Analysis Centre of Canada), collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities. Businesses and industries who must report to FINTRAC, such as Real Estate Professionals, are required to "know their clients" and asking for identification is one way to do that.
The Proceeds of Crime and Terrorist Act requires Real Estate Professionals, as well as several other industries, to collect information and keep records pertaining to identification and funds used to purchase any real estate.
It is now required by law for a REALTOR to see and collect picture id. information and the source (bank account information) of where funds are drawn from for the deposit on the purchase of real estate as well as other information such as the purchasers birthdates.
To find out more, please contact your REALTOR for a brochure or go to www.fintrac.gc.ca