What does FINTRAC mean?
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is an agency of the Government of Canada responsible for facilitating the detection, prevention and deterrence of money laundering, terrorist activity financing and other threats to the security of Canada. FINTRAC receives reports from financial institutions and intermediaries, analyzes and assesses the reported information, and disclose suspicions of money laundering or of terrorist financing activities to police authorities and others as permitted by the Act. FINTRAC will also disclose to CSIS information that is relevant to threat to the security of Canada. The analysis of information that FINTRAC receives from reporting entities facilitates the investigation and prosecution of money laundering offences and terrorist financing offences. FINTRAC's analysis is a vital tool to law enforcement, and strikes a balance between privacy and enforcement needs.
How will FINTRAC affect you during a Real Estate Transaction?
Everyone who trades in Real Estate and exchanges money must fill out a FINTRAC Individual Identification Information Record form. You must give your full-name as found on a piece of ID (usually a Driver’s License), the ID number, what your job is and when you were born. This form must be filled out and kept on record by the Real Estate Office in a locked/secure area for a 7-year time frame. This information is never distributed to anyone unless you are audited by the FINTRAC governing authorities.
What if you don’t want to provide your information?
If you do not wish to provide your information to a Realtor that Realtor must inform their office FINTRAC Compliance Officer and a report must be sent to FINTRAC letting them know that there was a refusal to supply the necessary identification information.
What types of things get reported?
Every office must have a FINTRAC Compliance Officer registered who reviews the FINTRAC information provided by the Realtors in that office. If something seems suspicious or the Realtor or Compliance Officer feels as though information was purposefully withheld or fraudulent then a report would be made to the FINTRAC authorities. In the case of deposits, any deposit made in CASH over $10,000 has to be reported to FINTRAC and properly documented through the office and associated bank accounts.
If you would like any more information about FINTRAC please contact our office and ask to speak to our FINTRAC Compliance Officer (Jenna Forsyth/Broker of Record) at 705-424-0770 or visit http://www.fintrac-canafe.gc.ca/intro-eng.asp
Broker of Record/Owner