Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations are lengthy and complex and brokers and REALTORS®  often experience difficulties in their quest to comply.

To assist brokers and Realtors, the Canadian Real Estate Association (CREA) provides a range of FINTRAC regime compliance materials, which it has just updated. 

This article from CREA's Simon Parham explains these changes in more detail. 

Important changes highlight areas where real estate professionals are encountering difficulties in complying, including: 

1. Revisions to the client risk section of CREA’s Information Record templates to assist members in determining a client’s risk of money laundering and terrorist financing.
2. A revised Receipt of Funds template to make it clearer that information on the person providing the funds needs to be recorded.
3. An updated Risk Assessment Form that’s intended to assist brokers, step-by-step, in determining their brokerage’s risk of money laundering or terrorist financing.

These updated materials are now posted on CREA’s FINTRAC compliance portal. 

FINTRAC forms are also now available on CREA WEBForms®.

If you have questions, concerns of comments, contact CREA’s Legal team by email at legal@CREA.ca.

You can also contact Harriet Permut, Real Estate Board of Greater Vancouver director of government relations at hpermut@rebgv.org.

CREA recently held an online event covering these changes. Watch a recording below.