UPDATE: 2021 Changes to Your Anti-Money Laundering Obligations

May 12, 2021

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Posted by
Marianne Brimmell
Communications Specialist

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FINTRAC: What's ChangedUsing LOTR

Last updated: June 1, 2021

Overview

New and revised regulatory amendments from the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) are now in effect and BCREA has created this resource page to help REALTORS® and brokerages understand their new FINTRAC obligations and how to use BC's Land Owner Transparency Register (LOTR) to better meet Know Your Client and beneficial ownership requirements.  

FINTRAC: What's Changed


The June 1 FINTRAC amendments have created new or changed existing obligations for all reporting entities (REs) when it comes to:

For real estate sector-specific guidance on the changes, click here to view a high-level summary provided by FINTRAC. The Canadian Real Estate Association (CREA) has also developed a number of sector-specific resources, including an office policy, frequently asked questions and new forms, that you can find on REALTOR Link®.

In fall 2021, we'll be offering an updated version of our Mastering Compliance anti-money laundering training program as well as hosting our first-ever anti-money laundering symposium - stay tuned for more details!

Using LOTR To Meet FINTRAC Requirements

Now that LOTR is publicly searchable, it can be used as a tool to help you meet your anti-money laundering obligations. RECBC has developed guidelines to help you understand when and how to utilize LOTR to assist in fulfilling your AML obligations. You can also find blog posts and a podcast episode from BCREA in the resources section below if you'd like to know more about LOTR and the Land Owner Transparency Act.

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

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