Updated Online Anti-Money Laundering Course Now Available for REALTORS®
CATEGORY: New REALTORS® Professional Development
TAGS: Anti-Money Laundering Compliance Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Professional Development Program
When the final report and recommendations from the Commission of Inquiry into Money Laundering in BC were released earlier this year, there was a clear theme: more can be done in BC when it comes to anti-money laundering.
So, to help REALTORS® better understand anti-money laundering reporting and compliance requirements from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), BCREA is offering an updated version of the self-paced online course FINTRAC for REALTORS®: Understanding Canada’s Anti-Money Laundering Laws created by the Canadian Real Estate Association (CREA).
The course introduces what is required by FINTRAC to ensure that Realtors comply with its regulations, laws and the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Upon successful completion of this course, learners will earn three accredited PDP hours and will be able to:
- explain the importance of conducting a risk assessment,
- discuss how to review and monitor client risk,
- understand the meaning of “business relationship” and “ongoing monitoring,”
- know general recordkeeping requirements,
- describe how to verify the identity of clients (including individuals and corporations, and other entities), and
- explain when to file reports with FINTRAC, including Suspicious Transaction Reports.
In real estate, REALTORS® are trusted advisors for consumers, so it is more important than ever that you have a strong understanding of FINTRAC’s regulations. By encouraging REALTORS® to take this course, brokers can create a culture of compliance within their brokerage and build upon the brokerage’s own FINTRAC compliance training program.
(BCREA Access Login Required)
NOTE: FINTRAC for REALTORS® is unrelated to Anti-Money Laundering in Real Estate, which is a course offered by the BC Financial Service Authority (BCFSA). The BCFSA course was previously mandatory for all licensees from April 1, 2020, and March 31, 2022. As stated on the BCFSA website, its course “is no longer mandatory for the purposes of relicensing but may be required by BCFSA as part of licence requalification, licensee discipline or for those who would like a refresher.”
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