Effective Monday June 23, 2008, federal legislation requires realtors ask all clients for detailed personal information when acting as their agents. The new law is the government’s response in the battle against money-laundering, terrorism and fraud. Realtors are now required by law to ask for the name, address, birth date and occupation of property buyers and sellers, as well as a driver’s licence or passport.

Failing to do so can result in hefty fines or jail time for realtors.
While there is still a great deal of confusion regarding the new law, it is imperative realtors arm themselves with knowledge in order to protect themselves. When researching this topic, I found the Canadian Real Estate Association website - www.realtorlink.ca/content/fintrac/questions.htm - provides very accurate and detailed information.

Riopelle Griener Professional Corporation
2888 St. Joseph Blvd.
Orléans, ON
613-834-4800
877-834-4855