Robert McLister·General·June 25, 2008New Real Estate Red Tape 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. More from FINTRAC… More from the London Free Press… Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.