2021 Changes to Your Anti-Money Laundering Obligations

Mar 25, 2021

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Posted by
Marianne Brimmell
Communications Specialist

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FINTRAC ChangesLOTR SearchResources

Last Updated: April 20, 2021

Overview

On June 1, 2021, big changes are coming to real estate practice and your anti-money laundering obligations. The Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) has introduced regulatory amendments that will come into effect on June 1 and create new or change existing obligations for all reporting entities (REs), including real estate brokerages. BCREA will support brokerages and REALTORS® through these changes and ensure you have the tools and resources you need to continue meeting your FINTRAC obligations.

Additionally, the Land Owner Transparency Registry (LOTR) becomes publicly searchable on April 30, 2021, and guidance from the Real Estate Council of BC (RECBC) on how to use LOTR in real estate practice is coming soon. BCREA will support brokerages and Realtors in adapting their practice in accordance to the RECBC guidance once it's available. In the meantime, Realtors can prepare by familiarizing themselves with LOTR and the new public search tool. Watch this page for more updates on the RECBC guidance and using LOTR when working with buyers and sellers.

BCREA has created this landing page so that Realtors and brokers have access to the resources and information they need to implement the June 1 FINTRAC changes and use LOTR in their real estate practice.   

FINTRAC Changes: What to Expect

The June 1 FINTRAC amendments that will create new or change existing obligations for all REs, including real estate brokerages, include:

While BCREA has been working tirelessly to determine how these changes will impact real estate practice, the real estate sector is still awaiting additional sector-specific guidance from FINTRAC. BCREA will add this guidance, as well as resources from the Canadian Real Estate Association, to this landing page as soon as they are available and develop additional guidance as needed.

BCREA will also host a Community of Practice session for managing brokers on the coming FINTRAC changes on May 19 (register here) and a webinar for all Realtors on June 2. We will create videos, podcast episodes and blog posts; update and offer our Mastering Compliance anti-money laundering training program again this fall; and host our first-ever anti-money laundering symposium later this year. Watch this page for updates on these events and resources!

LOTR Search

As we work with RECBC to understand how the LOTR public search tool can be used in real estate practice, we will prepare Realtors to use the tool by sharing information and resources from the Land Survey Titles Authority (LTSA), who is responsible for developing and operating LOTR. We will also host a Community of Practice session on April 21 on using the LOTR public search function (register here).

If you're not familiar with LOTR or the Land Owner Transparency Act (LOTA), we have also created a number of resources on LOTR, found in the resources section below.

Resources

FINTRAC Changes

LOTR Search

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