Would You Fill Out This Form?
Well, starting June 23rd, this form and ALL the info it asks for will be required by law in Canada for all real estate transactions. This is part of the Proceeds of Crime Money (Money Laundering) and Terrorist Financing Act which I am guessing was passed in reaction to 9-11. It sure asks for some detailed information. We will be asking for your birth date, occupation, and the big new one, is some form of ID (passport, care cards are okay in BC, drivers license, SIN card, the list goes on). The second page deals with if there is a third party involved. This could be if there was an overseas parent paying for a place for their kids and it was to be in their kids name. You can imagine other people who might use a technique like this "clean up/launder" their "dirty money". FINTRAC wants to know where that money is coming from and that it is not been laundered. The form is below, but is pretty blurry, so I've attached it at the bottom as well.
What are your thoughts on this new form? The idea is good of course, but the thought of another form that I have to ask you to sign is daunting. Their is a REALTOR safety form out that is recommended as well. More on that later.
Matthew Collinge: Vancouver REALTOR®
