UPDATE: 2021 Changes to Your Anti-Money Laundering Obligations

FINTRAC: What's Changed

Using 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:

• beneficial ownership obligations extended to all REs,
• business relationships and ongoing monitoring obligations extended to all REs,
• politically exposed persons obligations extended to all REs,
• changes to certain record keeping obligations,
• new virtual currency obligations for all REs, including submitting Large Virtual Currency Transaction Reports, and
• new and revised definitions.

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 CREA's portal.

• BCREA Resources:  
  • BCREA Video Series: Are You Ready for the June 1 FINTRAC Changes?
  • PODCAST: Explaining the June 1 FINTRAC Changes for REALTORS^® (May 2021)
  • Blog Series:
    • Getting Ready for the June 1 FINTRAC Changes: Business Relationships
    • Getting Ready for the June 1 FINTRAC Changes: Beneficial Ownership
    • Getting Ready for the June 1 FINTRAC Changes: Politically Exposed Persons - Part 1
    • Getting Ready for the June 1 FINTRAC Changes: Politically Exposed Persons - Part 2
    • Getting Ready for the June 1 FINTRAC Changes: Virtual Currency Obligations
  • BCREA Individual Identification Information Record to be Retired Ahead of June 1 FINTRAC Changes
  • Standard Forms Spotlight: Client Identification and CREA Form Changes
• CREA Resources:
  • Anti-Money Laundering - FINTRAC Resources
• FINTRAC Resources:
  • New Regulatory Requirements for the Real Estate Sector
  • Business relationship requirements
  • Beneficial ownership requirements
  • Ongoing monitoring requirements
  • Politically exposed persons and heads of international organizations guidance for life insurance companies, brokers and agents
  • Record keeping requirements for real estate brokers or sales representatives, and real estate developers
  • Risk assessment guidance
  • Notice on forthcoming regulatory amendments and flexibility
• RECBC Resources:
  • Anti-Money Laundering Guidelines
    • Considerations when working with a buyer client
    • Considerations when working with a seller client
  • Anti-Money Laundering Information
  • Corporate Registry Information  
  • Working with Clients: A Practical Guide to Anti-Money Laundering Requirements
  • Anti-Money Laundering FAQs

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.

• BCREA Resources:
  • Land Owner Transparency Registry Publicly Searchable as of April 30, 2021
  • Land Owner Transparency Registry Filings Required Beginning November 30
  • Three Things to Know About the Land Owner Transparency Act and Registry
  • Legally Speaking #533: A Whole Lot to Know About the Land Owner Transparency Act
  • PODCAST: Episode 13 - What REALTORS^® Need to Know About Land Owner Transparency
• RECBC Resources:
  • Land Owner Transparency Act (LOTA) Information  
  • Land Title and Survey Authority (LTSA) Information  
• LOTR Resources:
  • Land Owner Transparency Registry website
  • Land Owner Transparency Registry policy presentation
  • Land Owner Transparency Registry fact sheet
  • Land Owner Transparency Registry tutorial video

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