September 9, 2020 – Anti-Money Laundering & Fostering a Culture of Compliance
On Wednesday, September 9, we were joined by Jacqueline Shinfield, one of Canada’s leading financial services regulatory lawyers, who discussed anti-money laundering and FINTRAC compliance and building a strong culture of compliance at your brokerage. We also heard from Trevor Hargreaves, BCREA VP of Government Relations, about BCREA’s role in the Cullen Commission of Inquiry into Money Laundering in BC.
- Session slide deck (BCREA)
- Registration for Mastering Compliance: Anti-Money Laundering for Brokers
- Join the FINTRAC email list
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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.
- April 10, 2024 – Government Relations Advocacy Update
- March 27, 2024 – Cyber Security Tips and Resources
- March 20, 2024 – The Makings of a Complete Compliance Program
- February 14, 2024 – BCREA Economics Update
- January 31, 2024 – Update from Real Estate Errors and Omissions Insurance Corporation
- January 17, 2024 – Update from BC Assessment
- December 6, 2023 – Indoor Air Quality and Radon Gas in Real Estate
- November 22, 2023 – Top Findings from BCFSA’s Audit of Real Estate Brokerages
- 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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