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!
- 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:
- The REALTOR®‘s Guide to Suspicious Transactions
- FINTRAC for REALTORS®: Understanding Canada’s Anti-Money Laundering Laws
- Mastering Compliance 2.0: Anti-Money Laundering Training for Brokers
- 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)
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.
- BCREA Standard Forms Pre-Launch Package
- BCREA Policies & Procedures Template
- Please note clicking on the Managing Brokers Policies and Procedures Manual Template link above will directly download a Word document that is not viewable on your device until downloaded.
- BCREA Standard Forms email address: [email protected]
- Ryan DeLuca – BCREA Managing Brokers’ Conference Speaker Video
- BCREA Managing Broker Support Line:
- Lower Mainland: 604-520-9440
- Toll-Free: 1-844-414-8655
- Email: [email protected]
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.
- November 1, 2023 – Managing Brokers Policies and Procedures Manual Template & Standard Forms Launch
- October 11, 2023 – Real Estate Transactions involving Tenanted Properties
- September 13, 2023 – Real Estate Transactions Involving Indigenous Lands
- September 6, 2023 – FINTRAC Q&A
- August 23, 2023 – BC Strata Amendments Explained
- August 9, 2023 – WorkSafeBC and Real Estate
- July 19, 2023 – BCFSA’s Regulatory Roadmap, Data Insights, Rules Amendments, and Stakeholder Engagement
- July 5, 2023 – FINTRAC Compliance and Preparing for Examinations
- June 21, 2023 – Distracted Driving: What to Know as a Real Estate Professional
- June 7, 2023 – Cybersecurity Best Practices for Brokerages
- May 24, 2023 – Climate Crisis Impacts on Real Estate
- May 10, 2023 – Mental Health in Real Estate
- April 26, 2023 – BCREA Government Relations Update
- April 12, 2023 – Errors and Omissions Q&A
- March 29, 2023 – Title Fraud in Real Estate – What You Need to Know
- March 1, 2023 – Errors and Omissions – Insurance Changes, Trends, and Tips for Mitigating Risk
- February 22, 2023 – The Path to Recovery in the Housing Market
- February 15, 2023 – Data Collection in Real Estate
- February 8, 2023 – Managing Broker Research Insights
- January 18, 2023 – Foreign Buyer Ban with CREA and AUTOPROP
- January 11, 2023 – BC Assessment 2023 Highlights
- November 16, 2022 – 2023 Regulatory Changes and Standard Forms Launch
- November 2, 2022 – Home Buyer Rescission Period with BCFSA
- October 26, 2022 – Professionalism and the Leadership Role for Managing Brokers
- September 28, 2022 – Housing Panel with Municipal-Nominees Across BC
- August 17, 2022 – BCREA Updates
- July 13, 2022 – The Cullen Commission Report: What REALTORS® Need to Know
- June 15, 2022 – BCREA Government Relations and Advocacy Update
- June 1, 2022 – FINTRAC – Receipt of Funds (no recording)
- May 18, 2022 – BCREA Government Relations and Advocacy Update
- May 4, 2022 – Risk Mitigation and Insurance Through Wildfire Season
- April 20, 2022 – An Inside Look at Conveyancing
- April 6, 2022 – Enhancing your Cyber Security with MFA
- March 16, 2022 – Understanding Challenges With Assignments
- March 2, 2022 – BCREA Consumer Protection Recommendations
- February 2, 2022 – Let’s Chat – Darlene Hyde Talks Past, Present and Future at BCREA
- January 19, 2022 – BCREA’s Economic Outlook
- January 5, 2022 – BC Assessment 2022 Highlights
- December 1, 2021 – REEOIC Recap of Top Claims and How to Avoid Them
- November 17, 2021 – Mandatory Cooling Off Period and Other Real Estate Transparency Measures
- November 3, 2021 – Standard Forms Pre-Launch
- October 20, 2021 – REALTOR® Professionalism & REALTORS® Care week
- October 6, 2021 – Post-Election Sectoral GR and Advocacy Update
- September 22, 2021 – Risk Management in a Red Hot Market
- September 1, 2021 – Corporations, Corporate Records, & Identifying Beneficial Interests
- July 28, 2021 – Integrated Regulator of the Financial Services Sector: BCFSA
- June 16, 2021 – Vaccines & the Restart Plan – What You Need to Know
- May 19, 2021 – FINTRAC Compliance Resources and the Upcoming Changes (no recording)
- April 21, 2021 – Land Owner Transparency Registry
- April 7, 2021 – E&O: Mitigating Risks in a Hot Market
- March 31, 2021 – Emerging Issues in a Hot Market
- March 17, 2021 – Legal Defence Reserve
- March 3, 2021 – Cyber Security and Technology: What Brokers Need to Know
- February 24, 2021 – REALTORS® and the BC Energy Step Code
- February 3, 2021 – BCREA Update on Cullen Commission
- January 13, 2021 – RECBC Licensing Fee Changes
- December 16, 2020 – 2020 Year-In-Review and Looking Ahead to 2021
- November 18, 2020 – What Would You Do? Presentation Series: Conflicts of Interest and Misrepresentations
- November 4, 2020 – Administrative Penalties
- October 7, 2020 – Land Owner Transparency Registry
- September 23, 2020 – Risk and Insurance for Real Estate Brokerages
- September 9, 2020 – Anti-Money Laundering & Fostering a Culture of Compliance
- August 19, 2020 – New Forms and Form Revisions Fall 2020
- August 5, 2020 – What Would You Do? Presentation Series: Working in Your Area of Expertise
- July 22, 2020 – Rising Strata Insurance Rates in BC
- July 8, 2020 – Update from the Superintendent of Real Estate
- June 24, 2020 – REALTOR® Brand & Reputation Management
- June 17, 2020 – Guidance and Support for Returning to Safe Operations
- June 10, 2020 – What Would You Do? Presentation Series: Implied Agency
- June 3, 2020 – Managing Broker Panel Discussion on Returning to Safe Operations
- May 20, 2020 – FINTRAC Update and Return to Safe Work Plan (No Recording)
- May 13, 2020 – E&O Coverage and Claims During COVID-19
- May 6, 2020 – Economic Outlook and Market Update
- April 29, 2020 – The Virtual World and Live Tours
- April 22, 2020 – Professional and Regulatory Changes: Principle-Based Practice
- April 15, 2020 – Provincial and Federal Advocacy During COVID-19
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