Candian real estate agents have an onerous task they must comply with.  It seems they have a law, The Proceeds of Crime (Money Laundering) and Terrorist Financing Act,  that is designed to assist authorities in tracking down terrorist organizations, as well as criminals who buy real estate to launder money obtained from illegal activities.

Real estate agents are required to request and make copies of identification from all people buying real estate, to keep those copies on file for five years and to provide the information to the Financial Transactions Reports Analysis Centre of Canada agency if requested. . Several types of identification are acceptable, such as a driver's license, a birth certificate, a passport or a provincial health card.

Realtors are also required to report any suspicious activity to authorities.

Those who don't comply could be subject to fines of up to $2 million and prison terms of up to five years.

Can you imagine would happen in case of a break in at a real estate office and the information fell into the wrong hands.  Keep in mind that Canada has provincial health cards and those potentially could be worth a lot of money not to mention those interested in committing identify-theft crimes.

Real estate agents are worried about the expense and time associated with complying with the law, which could be particularly onerous when dealing with out-of-province purchasers.  The brokers will be blamed if a privacy breach occurs and the information falls into the hands of unauthorized parties.  Thanks but no thanks, hope it doesn't happen here.

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