What is FINTRAC?
Under Federal statute, The Proceeds Of Crime (Money Laundering) And Terrorist Financing Act has established FINTRAC (The FINancial Transactions and Reports Analysis Centre of Canada) to administer the requirements under Canada’s federal law. This has been implemented to avoid money laundering and suspected terrorist financing. As a buyer or seller, you will now be required to produce photo ID and provide a description of your occupation (at the time of signing) your Agreement of Purchase and Sale to your real estate agent. Your agent will use your ID to fill out a client information record.
Related Questions
- What types of automated methods are available for ascertaining identity? Is there anything that is compliant with FINTRAC regulations outside of using an agent or mandatory for non face to face?
- How do I apply for a Public Key Infrastructure (PKI) certificate with FINTRAC?
- Who Is a Real Estate Developer?
