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 6th 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!

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.

  1. Two questions related to the monitoring of business relationships: FAQs 5, 8, and 56.
  2. Three questions were asked about lawyers’ and property managers’ responsibilities under FINTRAC: FAQs 11 and 15.
  3. Two questions asked for comments on REALLY TRUSTED’s FINTRAC application: FAQ 50.
  4. One question asked why the REALTOR® is required to fill out the Receipt of Funds: FAQs 18 and 62.
  5. One question asked if FINTRAC compliance is required to sell a business: FAQ 12.
  6. One question asked about incomplete transactions: FAQ 84.
  7. One question asked about employment, specifically ‘student’ and ‘teacher’: FAQ 32.
  8. One question asked, “BitCoin?”: FAQs 63 and 70.
  9. 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.
  10. One question asked if administrative penalties are automatic: Questions and answers on administrative monetary penalties: Financial Transactions and Reports Analysis Centre of Canada.
  11. 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:

November 1, 2023 – Managing Brokers Policies and Procedures Manual Template & Standard Forms Launch

On Wednesday, November 1, 2023, we were joined by Jim McCaughan, Professional Services Support Advisor at BCREA, and Ryan DeLuca, Managing Director at 25th Hour Regulatory Consulting. Jim provided an informative overview of BCREA’s November 2023 Standard Forms Launch, including a summary of the forms change process, standard forms resources, a synopsis of the standard forms launch itself, and more. Ryan gave an invaluable presentation on topics such as why brokerages need a policies and procedures manual, things to consider when creating the manual, sections to include in the manual, best practices, and more.


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.