Your REALTOR is asking Questions Because it’s the Law
On June 23rd, 2008 new federal money laundering and anti-terrorist financing regulations came into effect that require real estate agents and brokers to collect personal identification information from buyers and sellers.
Ever wonder why when you are buying and/or selling real estate your Realtor asks that you complete the Individual Identification Information Record Form?
Your REALTOR requires this identification information to comply with the law. It is the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that requires financial institutions and real estate agents, among other professionals and services covered by the legislation, to identify customers who conduct financial transactions. These include depositing funds or buying and selling real estate. The Act also requires real estate agents to keep these identifications of $10,000 or more, or reporting suspicious real estate transactions.
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