Realtors Working To Prevent Money Laundering

Did you know that next time you buy or sell property, your Realtor will ask to see your ID? Why? It's not because Realtors think you might pull a fast one, it's because the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)—Canada's financial intelligence unit—requires Realtors to obtain proof of ID when money changes hands during a real estate transaction.

Realtors also have to report suspicious cash transactions (anything over $10,000.00 cash). Interestingly, in a recent real estate audit, fewer of these transactions were being reported than FINTRAC expected... but then most people choose other means of payment than carrying around suitcases full of cash.

You can read more about that here.

To learn more about FINTRAC and what it does, click here.


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