Fintrac, what is it? Why is my Realtor asking these questions?
Since 2001, it has been the legal responsibility of Realtors to verify the identity of the person buying or selling Real Estate under the Federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The information obtained from an individual must be from government issued ID such as a driver’s license, passport, or residency card. It is kept confidential, and will not be shared.
Your Realtor will ask to see your ID, in order to complete the screening. They will also ask for your job title and the name of the company you work for. If you are retired, you will be asked to provide the name of the company you retired from and your last job title.
This information is required from both Buyers (before an offer is made) and from Sellers (before an offer is accepted).
If you are purchasing through your company you will also be required to provide details of the company, such as the name of the directors, the registration number, name and principle nature of the business. Documentation required to verify this may include the certificate of corporate status, published annual reports, or a government notice of assessment. You will also be required to provide a copy of the corporate records indicating authority to sign on behalf of the corporation.