Monday, July 28, 2008

Get out your ID if you’re thinking of buying

Until recently, as of June 23 2008, real estate agents are now required to ask clients for identification.

Following the attack on the World Trade Centre, the Government of Canada introduced the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) late in 2001. This legislation introduced new regulations that required targeted “high-risk” industries, including real estate, to implement client identification and record keeping requirements.

The new requirements that agents must comply with are: record all funds received (unless funds are received from a financial entity or public body), and verify and record the identification of clients with respect to every purchase and sale.

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