"FINTRAC": WHAT THIS MEANS

On June 23rd, 2008 new federal money laundering and anti-terrorist financing regulations came into effect that require real estate agents and brokers to collect personal identification information from buyers and sellers.

Your REALTOR® requires this identification information to comply with the law. It is the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that requires financial institutions and real estate agents, among other professionals and services covered by the legislation, to identify customers who conduct financial transactions.

These include depositing funds or buying and selling real estate. The Act also requires real estate agents to keep these identification records for five years.

Please click on the link to read the brochure outlining FINTRAC. If you would like more information regarding FINTRAC or wish to discuss real estate in North York, Armour Heights, the Cricket Club, Bathurst Manor or anywhere in the GTA, feel free to call Liz Gordon, Sutton Group Admiral Realty Inc. at (416) 739-7200 or drop me an email at egordon@trebnet.com.