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New Real Estate Red Tape

FINTRAC Real estate agents are now on the front line of money laundering prevention.  The federal government imposed several new agent obligations on Monday.  Among other things, real estate agents now need to:

  • Collect personal information on all parties with a financial connection to a real estate deal;
  • Verify this information with proof of identity
  • Maintain these records for seven years

The goal in this is to thwart things like money laundering and mortgage fraud.  Jail and fines will be imposed on agents for non compliance–starting after the grace period ends in December.

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