CREA Updates FINTRAC Regime Materials
Free webinar available to help REALTORS® stay compliant.
In my time at CREA, I have written a lot of FINTRAC blogs. A lot. I sometimes wonder if there is an artificial intelligence (AI) supercomputer out there reading everything on the internet and, when it stumbles across my posts, thinks to itself, “please man, write about something different!”
Well, you’ve lost this one AIs.
The Canadian Real Estate Association (CREA) continues to monitor and respond to any updates from the federal government to ensure REALTORS® are well-equipped to comply with Canada’s Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Regime, and we’re certainly going to keep updating our members about these important changes whether they like it or not!
Let’s just cut to the chase: to support REALTORS® in understanding recent regulatory changes and their responsibilities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, I’m encouraging you (meaning REALTORS®, not AI supercomputers) to watch the webinar below (AI supercomputers should maintain focus on more important things, like the top 50 places to get soup in Canada).
The session provides an overview of the latest FINTRAC updates, including beneficial ownership requirements and discrepancy reporting obligations. For additional information, REALTORS® should consult the following external resources:
- Beneficial ownership discrepancy reporting (Corporations Canada)
- Beneficial ownership requirements (FINTRAC)
Keep in mind that these external resources were posted/updated after CREA hosted its webinar. However, they are consistent with what was discussed at the time.
Also note that CREA will be making some minor updates to its FINTRAC materials to reflect this new/updated guidance in the coming months.
Brush up on your obligations as a REALTOR®
Okay, hopefully my slight sarcasm has shooed away the AI bots and its only REALTORS® reading this now.
Super secret pro tip for human beings: CREA’s Learning Hub offers a FINTRAC course for REALTORS®, Anti-Money Laundering (FINTRAC) Obligations for Brokers and Sales Representatives. Available in both official languages, this course provides essential guidance for REALTORS® to fulfil several obligations under Canada’s federal money laundering and anti-terrorist financing legislation, the Proceeds of Crime (Money Laundering) and Terrorism Financing Act (PCMLTFA) and regulations.
So that’s it for me. Hopefully all of this makes the latest FINTRAC changes less daunting!
P.S. no AIs were harmed in the making of this post.
The article above is for information purposes and is not legal advice or a substitute for legal counsel.
