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New Money Laundering/Terrorist Financing Regulations

By Sylvie Conde

Real Estate Agent with Sutton Group-Associates Realty Inc., Brokerage

May 14, 2008 09:40 AM

This information was just forwarded to me from my Broker, and I thought it would be worth distributing. It is NOT a joke.

Effective June 23, 2008, all real estate transactions will be subject to new requirements under a Federal Law that supersedes both REBBA and the Provincial Privacy Legislation. Under these regulations, Brokers and salespeople obtaining deposits will have to obtain and verify the true I.D. of the client. Additionally, 'suspicious' behaviour (yet to be determined) will have to be reported to FINTRAC. Names of depositors will have to be checked to ensure that they are not listed as "Members of Terrorist Organizations". The long and short of this is that the agents will have to obtain I.D. from their clients and Brokers will have to do a lot more paperwork. We don't have all the information yet, but CREA, OREA and TREB will release new forms and informations soon.

We may as well start practicing; and hopefully, this kind of information will be advertised and provided to the general public, so it' not news to our clients, when we ask for this information.

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John Walters

Frank Rubi Real Estate - Slidell, LA

Licensed in Louisiana

Do you really think they are buying houses. Or is this another way to not insult any group etc.

May 14, 2008 09:50 AM

Sylvie Conde

Sutton Group-Associates Realty Inc., Brokerage - Toronto, ON

Broker, Toronto Real Estate

It's not a matter of buying houses. It's a matter of laundering the money... in a fairly easy way. We close deals in two weeks, in our current market, so it certainly offers an easy opportunity...
I guess we didn't have enough to worry about with people buying new homes and turning them into marijuana grow operations.... :)

Hopefully it will just be a law, and we will never have a real issue.
Sylvie

May 14, 2008 09:55 AM

Georgie Hunter R(S) 58089

Hawai'i Life Real Estate Brokers - Haiku, HI

Maui Real Estate sales and lifestyle info

It would be a good thing to show their ID before going off to a showing with them, when you think about it....more of an all around safety issue.

May 23, 2008 07:08 PM

We now have to ask for I.D.; and with the latest incidents we've had in our business... (a female realtor was murdered a couple of years ago, and a couple were recently attacked. Most recently a male realtor was bound and robbed)... I am not only going to ask for I.D., but I will contact my office and give them the license plate number and information on the Buyers, before I ever step into the house with them; and I do this in front of them, so they know that someone else knows who they are. If I feel really weird about the situation, I ask one of the guys in the office to come with me. there's always someone hanging around, so usually they don't mind. You can't be too careful these days, unfortunately. I've been fortunate, as I've worked mostly with referrals from other clients.

Stay safe!

May 24, 2008 11:49 AM

New Money Laundering/Terrorist Financing Regulations

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