What Does FINTRAC Stand For?

FINTRAC is an acronym for the Financial Transactions and Reports Analysis Centre, which serves as the government agency responsible for overseeing financial transactions within Canada.

Its primary mission is to ensure that individuals and businesses operating within Canada's financial sector, including real estate, adhere to federal regulations aimed at preventing money laundering, terrorist financing, and other illicit activities.

Canadian Realtors are mandated to meticulously identify all clients and parties involved in transactions by requesting and submitting identification documents to FINTRAC.

In recent times, FINTRAC has been especially vigilant in monitoring the Vancouver real estate market due to concerns about potential money laundering, terrorist financing, and illegal activities within the city's property market.

What Do We Do with FINTRAC Information?

Our role is to unequivocally identify both buyers and sellers and then relay this information to FINTRAC through our real estate brokerage. Moreover, if any suspicious activities are suspected, Realtors are obligated to report them by checking off the appropriate options on the form. We wholeheartedly support FINTRAC's mission and take our responsibilities seriously in our professional practice. The information collected on the FINTRAC document includes:

Full legal name

Date of birth

Nature of principal business or occupation, or job title

Photos of the client's primary photo ID, such as a driver's license, passport, or Permanent Resident Card.

Realtors are also bound by strict confidentiality requirements to protect the personal information of both clients and non-clients, as outlined in the Privacy & Consent document by BCFSA.

Why FINTRAC and Vancouver Real Estate?

In essence, the Vancouver real estate market deals with substantial financial transactions, and the federal government is determined to ensure that these funds do not originate from or funnel into criminal or terrorist activities. FINTRAC's strategy hinges on the disclosure of the identities of participants in the real estate market as the most effective means to discourage and detect money laundering, terrorist financing, and other illicit endeavors.

Following is the FINTRACKER app introduction video

In eXp Realty, as a cloud brokerage, we use the highest and most secure app to insure your privacy and following the FINTRAC requirement.