New Security Measure for Money Laundering CREA and Fintrac
The Canadian Real Estate Association (CREA) and Financial Transactions and Reports Analysis Centre (Fintrac) http://www.fintrac.gc.ca/ have implemented a new regulation form mandatory for all Real Estate transactions.
The purpose of this form is to thwart money laundering in Canada. The form requires personal information of the Seller and Buyer.
On June 23, 2008 changes to Canada's anti-money laundering legislation, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act will come into effect.
A copy of the form is attached to this blog posting.
Alex Melconian
Sales Representative
RE/MAX Hallmark Realty LTD.
O: 416.494.7653 C: (647) 887-7995
W: www.TorontoRealEstateGTA.com E: Sold@TorontoRealEstateGTA.com
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Attachment(s): Individual Client Informaiton Record.pdf