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What comes as a surprise to many purchasers—particularly those new to the situation—is that a REALTOR must verify your identity, confirm your employment, and verify the source of your funds before agreeing to work with you.

If it seems intrusive, you're not the only one who thinks that. However, it's not personal, since it's required by federal law, and all real estate brokerage firms in Canada must carry out this practice.

The rules are set out in a federal law (the Proceeds of Crime (Money Laundering) and Terrorist Financing Act) and are supervised by FINTRAC – the Financial Transactions and Reports Analysis Centre of Canada; real estate professionals are classified as "reporting entities" and therefore have a legal duty to help ensure that money obtained illegally does not enter the housing market.

The attached guide, produced in collaboration with BRIX Real Estate Group, explains who requires it, what we'll ask for, and how to make it quick and painless.