PODCAST: Explaining the June 1 FINTRAC Changes for REALTORS® (May 2021)

May 27, 2021

CATEGORY:   
TAGS:                     
Posted by
Shaheed Devji
Senior Communications Specialist

PRINT


On this month's episode of Open House by BCREA, we are joined by Adam Feldman, an Anti-Money Laundering Advisor with The AML Shop, who shares an overview of the new or revised anti-money laundering regulations that come into effect on June 1, 2021, and how they will impact real estate practice. These changes were introduced by the Financial Transactions Reports Analysis Centre of Canada, more commonly known as FINTRAC.

This episode was recorded on May 20 and 25, 2021.

Rundown:

  • Introduction - 0:00
  • Feature Conversation - 1:45
    • Adam Feldman Introduction - 2:45
    • Regulatory Change Overview - 3:40
    • Beneficial Ownership - 7:20
    • Business Relationships - 11:30
    • Politically Exposed Persons - 16:40
    • Virtually Currency - 23:50

Links:

Background:

On June 1, 2021, big changes are coming to FINTRAC. The regulatory amendments will result in new or changes to existing obligations for all reporting entities, including real estate brokerages.

The amendments will cover areas such as beneficial ownership, business relationships and ongoing monitoring, politically exposed persons, certain record-keeping obligations and more.

BCREA has created a series of resources to support brokerages and REALTORS® and one of those is a conversation with Adam Feldman, who is a certified Anti-Money Laundering Advisor with The AML Shop. He assists clients in taking their AML compliance program to the next level by conducting effectiveness reviews, building compliance programs, and advising clients on navigating the regulatory landscape.

Subscribe & Follow

Do you want to be notified on your smartphone when the latest episode of Open House by BCREA is published? Subscribe on your favourite podcast app, including Apple PodcastsGoogle PlaySpotifyStitcher, and TuneIn.

You can even ask Alexa to "play the podcast Open House by BCREA."

While you're waiting for the next episode, follow BCREA on social media to stay updated:

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

What we do



Popular tags within Podcast



Popular posts from BCREA

  • Applications for BC Emergency Benefit for Workers Now Open
    May 01, 2020
  • New Statutory Holiday on September 30, National Day for Truth and Reconciliation
    Sep 09, 2021