FAQ Fintrac

On this episode of Frequently Asked Questions, the question is “What is FINTRAC?”

Your Realtor will ask you for government issued ID when we are working with you on buying or selling a home. This information is for FINTRAC.

FINTRAC stands for “Financial Transactions and Reports Analysis Centre of Canada”

Your real estate agent is required by federal law to ask for and verify your personal information. Under the rules, realtors are required to obtain, record and retain your personal information, including date of birth and occupation. Your personal information is kept on file for five years and always kept confidential. Realtors are also required to report cash transactions of $10,000 or more to FINTRAC and complete a report of ALL funds they receive, not just those $10,000 or more.

FINTRAC was created in response to international obligations to fight money laundering and terrorist financing activities. Its primary role is to provide law enforcement agencies with information to help them in any investigations.

Canada has had substantial anti-money laundering and terrorist financing legislation since 2001. Since then, Realtors have had a legal responsibility in Canada’s efforts to combat money laundering and terrorist financing.

Thanks for watching our Frequently Asked Questions series.

If you have a question you would like featured in this series, please email your question to info@saugeenteam.com and we will answer in the coming weeks!

See you next time!

Featuring Samantha Trumbley, Sales Representative. Information provided and copywrited by CREA (Canadian Real Estate Association 2017)