New law requires real estate agents to verify ID of buyers and sellers and track deposits
For some reason when it comes to buying and selling real estate, many people think that there is a lot of money laundering being done through real estate transactions. I say that is false theory. I talked to one of the founders of Properties in Victoria Professionals™, Anders Treiberg. He mentioned that during his 18 years in real estate, he never had one person wanting to pay large amounts of cash.
I’m sure it maybe has happened in the past but as of 23rd of June 2008 there was some new regulations introduced. Here is the some of the information:
New federal laws and regulations dealing with money laundering and anti-terrorist financing that go into effect today (June 23rd, 2008) will require real estate agents and brokers to collect and verify more
personal information from buyers and sellers. Real estate agents must also now track the source of funds received during the course of a real estate transaction, such as the deposit.
These new regulations are part of federal legislation (Bill C-25) passed in 2007 that requires a number of industries, including real estate, to do more to help stop money laundering and terrorist financing. The regulations are enforced by the federal agency known as the Financial Transactions and Reports Analysis
Centre of Canada, or FINTRAC.
“Real estate agents have had legal obligations under the federal government’s push to prevent criminal activity and terrorism since 2001, when Canada’s first comprehensive laws to combat money laundering and terrorist financing were introduced,” says the President of The Canadian Real Estate Association, Calvin
Lindberg. He is a REALTOR® in Vancouver.
“In the first phase of compliance, real estate agents were required to report only suspicious transactions, or transactions involving more than $10,000 in cash,All Articles More Like This