Why are we asking all these questions?

Part of our job as realtors is to educate the public about the buying and selling process and then guide them, negotiate for them AND protect them throughout that process. According to the federal government, we are also tasked with the job of identifying all parties to a real estate transaction with the Personal Identification forms provided by FINTRAC (a lengthy explanation of what they are in the link below).

Essentially Fintrac is: The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Canada’s financial intelligence unit (FIU). The Centre assists in the detection, prevention and deterrence of money laundering and the financing of terrorist activities. 

As you may have heard, real estate has provided substantial opportunities for money laundering in Canada, in particular B.C. As of June 1st, in addition to providing us with proof of ID ( Driver's license or Passport), we will be asking you questions about your job, and the jobs of your family to determine if you are a PEP - Politically Exposed Person, someone who could possibly be a target of or be in involved in criminal activity, or a high ranking government official who again may be the target of criminal activity. If you are buying or selling real estate in the name of a corporation, we will be asking you for 

ownership information. This information will be kept safely at our brokerage until the government needs access to it.

Yes, it is more paperwork and questions, but at the end of the day, it is for the safety of all of us, that our homes and investments are not being used for criminal activity.

https://www.fintrac-canafe.gc.ca/fintrac-canafe/1-eng