Real Estate Lingo: What’s FINTRAC?

The word of the day is FINTRAC.

What is FINTRAC?

Why is my realtor asking for my ID, job history, and whether I’m the head of an international organization?

FINTRAC stands for Financial Transaction Reporting and Analysis Center of Canada.

It’s the Federal Government’s Financial Intelligence Unit, and we as realtors are required to ask ID and ask these questions of all buyers and sellers, anyone with large sum transactions.

FINTRAC’s mandate is to facilitate the detection, reporting, and deterrence of money laundering and financing of terrorist activities. So, don’t be surprised when your realtor asks to scan your driver’s license.

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