Know Your FINTRAC Obligations

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August 26, 2015- Recent reports in the media about the risk of money laundering through residential real estate purchases involving large cash transactions have shone a spotlight on the actions of real estate licensees in BC. According to at least one newspaper account, some licensees may not be aware of their full reporting obligations under the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

The Council reminds trading services licensees that they have a legal obligation to comply with the reporting requirements of the PCMLTFA. The Professional Standards Manual includes a brief overview of these obligations for licensees and brokerages with links to detailed Guidelines available on the Government of Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) website.

Understanding Your Responsibilities

An online professional development course is available through REvia that may assist you in recognizing when to file a Suspicious Transaction report, and understanding what information must be collected and disclosed. The course has been developed in close consultation with government.

In addition, the Canadian Real Estate Association has developed a number of resource materials to help members meet their FINTRAC obligations, including forms, training modules, a step-by-step compliance manual, and information to share with clients about why licensees must collect personal information from buyers and sellers. These resources are available at www.realtorlink.ca.

Ensure that you’re meeting your obligations, and fully reporting on any suspicious transactions, by reviewing and familiarizing yourself with these information sources.