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Why Do REALTORS庐 Ask for Your Personal Information? - YouTube
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realtors play an important role in
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helping keep proceeds of crime
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out of bc real estate markets during a
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transaction
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real estate brokerages ask for and
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verify certain personal information of
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everyone involved in most cases
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brokerages delegate
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this responsibility to realtors
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providing this information helps prevent
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money laundering
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and the financing of terrorist activity
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which helps protect the integrity of
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canada's financial system
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it also helps to ensure that your
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realtor meets their legal obligations
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what information will a realtor ask for
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realtors are required to obtain record
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and retain the personal information of
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their clients
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including date of birth and specific
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occupation
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to do this they'll ask to see your
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government issued identification
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such as a driver's license passport or
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residency card
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this information will be kept on file in
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the realtor's brokerage for five years
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but there's no requirement to keep
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copies of government-issued
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identification
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just the information on it if you have
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taken part in a transaction with a
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particular brokerage
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within the past five years depending on
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the brokerage's policies
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a realtor may ask questions to confirm
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if the information you had previously
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provided is still current
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if it's not the information will need to
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be updated
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alternatively they may collect your
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identification for each transaction
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under the proceeds of crime money
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laundering and terrorist financing act
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and the federal agency responsible for
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compliance
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the financial transactions and reports
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analysis center of canada
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fintrac realtors are required to assess
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the level of risk of a money laundering
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offense
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or terrorist activity financing offense
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in any given transaction
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and may ask you additional questions or
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seek additional identification
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documentation in order to do so these
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requirements also affect
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a buyer or seller who is not using the
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services of a realtor
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if there is a realtor involved in the
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transaction they will request the
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personal information
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of the unrepresented party to verify
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that private buyer or seller's
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information
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so is that all the information a realtor
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will ask you to provide
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there are aspects of your real estate
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transaction that might prompt your
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realtor to ask you for more information
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to comply with their legal obligations
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for example you may be asked whether you
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are acting on behalf of a third party
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while conducting your transaction
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this means you are following the
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instructions of someone else when
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completing the transaction
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or someone else whether an individual or
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company
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may have an interest in the transaction
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if there is a third party involved
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your realtor is also required by law to
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obtain
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their identification information and to
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keep that information
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on file for five years the proceeds of
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crime
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money laundering and terrorist financing
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act requires realtors to keep
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identification records
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and to track all funds not just large
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amounts of cash
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used during a real estate transaction
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and each time funds are received by
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brokerage during the transaction
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the brokerage is required to record the
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amount received
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how it was obtained and account details
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relating to the funds
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an example of funds received as part of
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a transaction that need to be recorded
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would be the payment of a deposit if
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you're not able to meet face-to-face
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with your realtor to show your
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identification information
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then the realtor may use an agent or
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mandatory to identify you
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or use other methods for verifying your
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identity it's important to know that
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when you provide your personal
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information to your realtor in
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connection with a real estate
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transaction
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your information may only be collected
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used and disclosed in accordance with
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applicable laws
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an example of disclosure may include
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responding to a request from fintrac
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want to know more about the role
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realtors play in anti-money laundering
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and helping ensure consumers are well
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protected
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ask your realtor realtors are here to
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help
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you
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