Canadian Government Requiring Real Estate Agent To Track Transaction Information
Ah, big brother is alive and well in Canada. In an effort to stem money laudering, real estate agents will be expected to maintain files on buyers and the transaction for 5 years and be ready to produce them to investigators from the Federal Government upon demand.
Yikes.
And if the agent does not keep proper records they can face jail time.
Under the new regulations, realtors will have to collect personal information from property sellers and buyers, such as their name, address, date of birth and occupation, backed up by identification such as a driver’s licence or passport.
When dealing with foreign buyers, agents in Canada will now have to hire local agents who can vouch for the identity of the buyer.
The agents will be required to hang onto that information for five years and have it available for the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC), if needed. Otherwise, the information will remain confidential.
The centre was established by the federal government in an effort to track suspicious property deals and prevent shady buyers from dumping large amounts of cash into property purchases. via CTV.ca
Although I agree on most points, I would like to point out that most of the banks that are being ...
The question is when are they going to release them on the market. Las Vegas leads the nation in ...
I keep seeing mentions of Florida's market getting better in multiple blogs. I'm increasingly under the assumption that at least ...
I would like to know more about it. I need to know how you file for it. Please let me ...
Great blog, keep the great content coming! 
If you want to succeed, do not say "we can prevent this in the future." Live in reality. ...
The price of the property depends on its quality and the deal between the management. Good and wise choices are ...
I don't have experience at actualy working in tha automotive bussinnes, but have experience working in a warehouse invironment. ...
Comment by Mark Harrison on 25 June 2008:
You mean they don’t already?
Here in the UK, this has been a requirement for YEARS.