Comments on: Realtor Police

By: Morning Brew: March 13th | British Columbia Welcome U

Morning Brew: March 13th | British Columbia Welcome U — Wed, 17 Sep 2008 15:00:12 +0000

[...] of money laundering and housing: Realtor Police- “The Financial Transactions and Reports Analysis Centre of Canada has ratched up the the [...]

By: ines

ines — Wed, 21 May 2008 18:17:36 +0000

Larry – I have to tell you that these laws become scary because we start discovering the unknown and the “what ifs” – the truth is that I’ve never had a problem collecting identification from our real estate clients. But now I’ll have a few questions lingering in my subconscious.

By: gift2visa » Blog Archive » Morning Brew: March 13th

gift2visa » Blog Archive » Morning Brew: March 13th — Mon, 28 Apr 2008 08:31:50 +0000

[...] of money laundering and housing: Realtor Police- “The Financial Transactions and Reports Analysis Centre of Canada has ratched up the the [...]

By: yattermatters

yattermatters — Fri, 14 Mar 2008 14:40:26 +0000

Norm,
Receives or pays funds
Deposits or withdraws funds or
Transfers funds by any means

This has been interprited to mean any amount. Does not mean cash alone. I haven’t had someone with a suitcase either but if you follow the three points above it means “any transaction”.
My Broker threw a blanket that dictates a literal understanding of this. “Any money, any time be sure to get the identification or we will not assume any liability and therefore will not process the paper work.”
Street rumor is that a number of brokers are being audited and many have decided to just use the same blanket. Others are either asleep or willing to take their chances.

By: Norm Fisher

Norm Fisher — Fri, 14 Mar 2008 02:35:48 +0000

A little at a time.

I’m understanding this legislation to say that the “identity” obligations apply when you perform the functions you outlined above AND you conduct a large cash transaction. Am I wrong about that?

I haven’t ever had a client try to give me $10,000 in cash. Not even aware of one at my brokerage.

By: yattermatters

yattermatters — Fri, 14 Mar 2008 01:23:36 +0000

Norm,
I don’t think you are getting to be responsible. I’m quite certain that under the FINTRAC legislation you already are responsible. We are having bi-weekly seminars with the Ottawa boys who are taking great pains to make sure we understand how much trouble we will be in if we don’t comply.
While I appreciate the essence of this issue and God knows we all want to keep Canada safe, I just feel that somehow I have been forced to become a part of a police state. That part, I’m not happy about.
I can’t wait to see the reaction of the client. I cringe at the thought.

By: Norm Fisher

Norm Fisher — Thu, 13 Mar 2008 21:24:44 +0000

I love the parts about the broker getting to be responsible to ensure that all of his and her agents have a complete understanding of the legislation. If I could just get them to read the Real Estate Act. Hmmm.

By: yattermatters

yattermatters — Thu, 13 Mar 2008 15:09:11 +0000

“if we have nothing to hide we will be happy”.
I’m not certain that anyone is happy about not being trusted.

Must we prove ourselves at every step with every purchase? Me-thinks it’s a slippery slope.

Will we be happy to provide a passport and sign a declaration when we buy groceries?

BTW – to my mind politic is government.

By: mila

mila — Thu, 13 Mar 2008 11:30:03 +0000

I hear you. But if you look at the rise in mortgage fraud and other criminal activities surrounding real estate transactions those clients that have nothing to hide will be happy to make a full disclosure, As for the extra work required from Realtors – make the best of it. After all you are only protecting your clients’ best interests. Re: Orwell, I would leave him out of it. Orwell is more about politics while all FINTRAC is trying todo is to keep criminal scam at bay.