"FINTRAC - The FINancial Transactions and Reports Analysis Centre of Canada"
The equivalent of about US$500 BILLION dollars is laundered each year. Most industrialized countries have established new laws in order to fight both money laundering and suspected terrorist financing activities.
Commencing June 23/08, in Canada, sellers (who are listing a property for sale) and buyers (signing an offer to purchase ) are required to show a photo identification (at the time of signing) to the real estate salesperson or broker who is required to record on a form called: “CLIENT INFORMATION RECORD”. The details from the photo I.D. AND the person’s occupation are to be recorded. This information MUST be retained in the Real Estate Broker’s company files as a private record for FINTRAC's review (if needed) regarding verification of the identity of persons buying or selling real estate in Canada.