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Any time you enter a real estate transaction where a real estate licensee is representing any of the parties, you will be asked to provide a number of personal details to verify your identity.
Like all aspects of your real estate transactions, your agent’s obligations to you are governed by the Real Estate Services Act and its Rules. Within those rules is the duty to always maintain the confidentiality of information respecting a client. This means, that other than when required by law, your real estate licensee will keep all your information confidential forever.
Your real estate licensee may require a piece of government-issued identification or details on what you do for a living. The Government of Canada requires the collection of this information for all real estate licensees to prevent money laundering.
Should your real estate licensee suspect that a party to a real estate transaction is engaged in terrorist financing or money laundering, they must file reports with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is Canada’s financial intelligence unit.
If you have any concerns, we invite you to contact one of our Practice Standards Advisors for further information.