FINTRAC Information is Confidential

Question:

Writing up an offer and the Schedule B has this funny clause that they want to be able to inspect the FINTRAC form. Is this not right?

Answer:

The Act stipulates you and the other party are subject to criminal penalties of up to 5 years in jail or a fine of $500,000 or both, for unauthorized disclosure or use of FINTRAC information. 

So, if I were the other Brokerage, I certainly wouldn’t be asking for it.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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