September 6, 2023 – FINTRAC Q&A

On Wednesday, September 6, 2023, we were joined by Carson Kong, Senior Compliance Officer at FINTRAC, and Mark Sokolnicki, Regional Compliance Manager at FINTRAC. Carson and Mark provided answers to many of the questions stemming from previously held sessions hosted by BCREA and KPMG on topics such as training and filling out forms, when FINTRAC obligations are triggered, suspicious transaction reporting, FINTRAC compliance examinations, and more.

Please note the recording of this September 6^th Community of Practice will only be available on BCREA Access for a period of three months.

Also note that FINTRAC will be presenting at BCREA’s Managing Broker Conference November 8 – 9, 2023, and registration is open here. We recommend registering early as some of our sessions have limited capacity, so this is your opportunity to tailor your conference experience to your interests!

Session slide deck (FINTRAC)

At this Community of Practice session presented by FINTRAC, several submitted questions have already been answered in CREA’s FINTRAC FAQs, linked here. Below are the related FAQ numbers and answers to those questions, along with several other resources to answer some additional questions that were asked.

Two questions related to the monitoring of business relationships: FAQs 5, 8, and 56.
Three questions were asked about lawyers’ and property managers’ responsibilities under FINTRAC: FAQs 11 and 15.
Two questions asked for comments on REALLY TRUSTED’s FINTRAC application: FAQ 50.
One question asked why the REALTOR^® is required to fill out the Receipt of Funds: FAQs 18 and 62.
One question asked if FINTRAC compliance is required to sell a business: FAQ 12.
One question asked about incomplete transactions: FAQ 84.
One question asked about employment, specifically ‘student’ and ‘teacher’: FAQ 32.
One question asked, “BitCoin?”: FAQs 63 and 70.
One question asked for a “pre-made” client ID form: FAQ 13. Resources are here: Anti-Money Laundering (FINTRAC) – CREA Member Portal, and the ID form is here: Individual Identification Information Record.
One question asked if administrative penalties are automatic: Questions and answers on administrative monetary penalties: Financial Transactions and Reports Analysis Centre of Canada.
One question asked for a policy manual and examples: Anti-Money Laundering (FINTRAC) – CREA Member Portal.

Three other questions from the Q&A were submitted to FINTRAC’s representatives for answers and we are currently waiting for the responses, and the remainder were answered during the presentation.

Below are some useful resources from the session:

BCREA courses:

FINTRAC Resources:

Methods to verify the identity of persons and entities
Video 1 – Verifying the identity of a client: Government-issued photo ID method
Video 2 – Verifying the identity of a client: Credit file method
Video 3 – Verifying the identity of a client: Dual-process method
Video 4 – Verifying the identity of a client: Affiliate or member method
Video 5 – Verifying the identity of a client: Reliance method
Real estate brokers or sales representatives, and real estate developers
Policy interpretations database
Send Questions to FINTRAC:
- Email: [email protected]
- Telephone: 1 866 346 8722 (toll free)

Most Recent

Past Sessions

April 10, 2024 – Government Relations Advocacy Update

On Wednesday, April 10, 2024, BCREA’s Government Relations Team, headed by Trevor Hargreaves including Mark Sakai and Brenna Friesen, along with Greater Vancouver REALTORS^®’Government Relations Director, Harriet Permut, joined us to share an update on new Government Relations initiatives, pertinent housing policies, and a recap of the previous year’s advocacy highlights.

Session slide deck (Government Relations Team: Government Relations Advocacy Update)
Session slide deck (BCREA)

Follow-up questions:

Have there been discussions about being proactive and making buyer agency agreements mandatory?

BCREA is advocating for Mandatory Buyer Agency Written Service Agreements, reflecting the profession’s commitment to enhancing consumer protection and elevating professionalism within the real estate sector. This proactive measure was initially recommended in BCREA’s influential whitepaper, “A Better Way Home,” in February 2022, positioning it as a strategy for strengthening consumer safeguards. Backed by unanimous support from Joint Leadership, made up of real estate board Executive Officers, Chairs and Chair Elects, from across the province, BCREA has dedicated the past year to executing due diligence, including gathering insights from other Canadian provinces with mandatory agreements and engaging deeply with the local real estate sector through focus groups and a comprehensive all-REALTOR^® survey. With a united front, BCREA is actively engaging with regulators and preparing to present this to the government. However, the implementation timeline may be shaped by the nuances of an election year. While the real estate community has shown substantial support, the ultimate adoption of these agreements hinges on governmental decision-making.

How is profit determined on a flipped property?

This can depend on a few different factors. We recommend visiting the Government of BC’s BC Home Flipping Tax page for more information.

I feel strongly about government advocacy, what ways can I be more involved?

We suggest volunteering on your regional board or association Government Relations Committee, and perhaps suggesting they attend our Government Liaison Days in 2025.

Additional Resources:

BCREA Open House: The Newsletter

Open House: The Newsletter is a new bi-monthly newsletter sent directly to REALTORS^® – there’s no need to subscribe. Open House is a space to bring us together as a community by sharing news, celebrating our successes, learning from each other, and having a little fun along the way. The first issue was sent on March 21, 2024. Check your inbox!

BCREA Managing Broker Resources

Managing Brokers’ Portal: contains links to resources most used by managing brokers. Click here for more.
Managing Brokers Policies and Procedures Manual Template: provides a structured framework to help brokerages achieve regulatory compliance. Designed to be fully customizable. Click here to access.
Managing Broker Support Line: a pilot program offering tailored guidance and support to help brokers and member boards and associations tackle challenges they may encounter and identify opportunities to enhance professionalism. Click here for more.
- Lower Mainland: 604.520.9440
- Toll-Free: 1.844.414.8655
- Email: [email protected]

Upcoming Community of Practice sessions:

April 24, 2024 – Tech Tools and Managing Broker Resources with CREA’s Lynn St-Germain and Mike Lomond.

The views expressed in these presentations are those of the speakers and do not reflect the views of BCREA or its member boards. Please note, the content of these presentations was current as of the date of each session and we cannot guarantee the accuracy of information provided in past sessions.