Reminder: New FINTRAC obligations now in place
Wednesday, July 13, 2022
At a glance (1 minute read)
- The grace period for FINTRAC's new requirements ended June 1, 2022.
- Make sure you're familiar with the new obligations.
On June 1 2022, Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) ended their grace period for their new regulatory amendments introduced last year
These amendments created new, and modified existing, reporting obligations for REALTORS®.
Click here for a detailed look at what changed.
Below are resources you can use to familiarize yourself for the changes:
Resources from BCREA and CREA
- CREA materials on FINTRAC compliance
- BCREA materials on money laundering obligations, including FINTRAC and the Land Owner Transparency Registry
Resources from FINTRAC
- Beneficial ownership requirements
- Business relationship requirements
- Ongoing monitoring requirements
- Politically exposed persons and heads of international organizations guidance for non-account-based reporting entity sectors
- Record keeping requirements for real estate brokers or sales representatives, and real estate developers
- Risk assessment
- Notice on forthcoming regulatory amendments and flexibility