The federal government requires us to ask financial questions regarding where funds are coming from and getting proof of identification.
Canada has had substantial anti-money laundering and terrorist financing legislation since 2001. Since
then REALTORS® have had a legal responsibility in Canada’s efforts to combat money laundering and terrorist financing. In addition to these original legal requirements, REALTORS® must document personal information, including occupation, and proof of the identity of their client in each and every transaction. If the client is a corporation, REALTORS® must obtain official corporate documents and the names of directors.
REALTORS® may also ask additional questions if they have dealt with the client before. If the buyer
or seller is in another city, REALTORS® must use an agent or “mandatary” to identify the buyer or
seller or use other non face-to-face methods to ID the client.
If you would like to know more please download this PDF or give us a call.
