FINTRAC stands for Financial Transactions and Reports Analysis Centre of Canada. The completion of these documents by realtors and the brokerages they work for is a federal requirement.
According to the government's FINTRAC website: FINTRAC is part of Canada's national initiative to combat money laundering and terrorist activity financing. It is a specialized agency created to collect, analyze and disclose financial information and intelligence on suspected money laundering and terrorist activities financing.
Not only is filling out the documents required for every transaction, the documents need to be witnessed by a professional, such as a licensed real estate agent or a notary/lawyer. A real estate agent in a cooperating office generally will not charge for this service (so if you are a Royal LePage client and can't come in to the office where your listing is you should be able go to any RLP office to fill out the paperwork after your real estate agent arranges it) but a notary/lawyer generally will.
The information collected is kept locked away and confidential.
For more information on this, please visit the website: http://www.fintrac.gc.ca/intro-eng.asp
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