So you've just signed an offer with your Century 21 United Sales Representative and they've asked to see a piece of government issued ID to complete the transaction... But do you have to show them your driver's license or passport when buying or selling Real Estate?
The short answer is, "yes"!
Because large amounts of money are exchanged in a Real Estate transaction, Sales Representatives and Brokers are required to collect this information with each transaction and report to the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, should the information be requested. This federal organization is responsible for monitoring money laundering, terrorist financing, and any other criminal elements that could be present in the sale or purchase of property. These anti-money laundering regulations were introduced in 2001 and are required by law.
Any information collected on your behalf remains completely private and confidential. The forms are kept in our locked files here in the office for an appropriate amount of time. Rest assured, your private information does not get released anywhere.
It is also important to note that FINTRAC requires all personnel dealing with this sensitive information to attend a training program and a review of the compliance policies and procedures, assessment of risks related to money laundering and terrorist financing and training program, every two years.
Want even more in depth information regarding the FINTRAC program? You can check out the government run website here: http://www.fintrac-canafe.gc.ca/intro-eng.asp