The Financial Transactions and Reports Analysis Centre of Canada, also known as FINTRAC, is Canada's financial intelligence unit, it was created in 2000. It is an independent agency, reporting to the Minister of Finance, who is accountable to Parliament for the activities of the Centre. It was established and operates within the ambit of the Proceeds of Crime (money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations. By law, any transaction involving Real Estate must comply with FINTRAC, both for your lawyer and Realtor. This video describes the Realtors responsibilities under FINTRAC.
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