FINTRAC - Anti Money Laundering

As you go to purchase a home in Saskatoon or sell a home in Saskatoon, you will find something different than if you bought or sold a house in Saskatoon before July. All agents must gather your identification in the form of photo ID now when you are buying or selling a house in Saskatoon. This is the same across Canada, but Saskatchewan realtors are ahead of many other provinces. This is mandatory compliance for Realtors® and every agent must follow these rules.

So far I have not had any issues with my clients, but I have heard of a few people who were previously looking to buy a house in Saskatoon just ‘disappear’. It is astounding how much money has been laundered in Canada through residential real estate. In our booming Saskatoon market I fear how many transactions took place with drug, prostitution or any other illegally obtained money. Finally, instead of leaving it to the ethics of real estate agents in Saskatoon, the government is making it mandatory to be prudent and ensure that the people we are dealing with to purchase and sell homes in Saskatoon are being monitored to help put a stop to money laundering. There is never a good reason to launder money and this illegal act is often the result of things that tear families apart and this money can also be used to finance terrorist activities. I was shocked to learn that certain events of 911 could have been funded with as little as $300,000.

So, if your Saskatoon real estate agent does not ask for your ID when you are purchasing or selling a home in Saskatoon, you should remind them or ask them why they are not complying. If they are not aware of the compliance issues or are not following them, they risk major fines but they also put other people at risk.

For more information on FINTRAC or purchase a home in Saskatoon, be sure to contact me!

Kari Calder
Saskatoon Real Estate Agent
Century 21 Conexus Realty Ltd.

This entry was posted on 10. August 2008 at 23:15 and is filed under Canda Real Estate News, Saskatchewan Real Estate, News, Saskatoon Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.