BCREA Individual Identification Information Record to be Retired Ahead of June 1 FINTRAC Changes
BCREA's Individual Identification Information Record will become obsolete as of June 1, 2021, when the Financial Transactions and Reports Analysis Centre of Canada's (FINTRAC) latest regulatory amendments come into effect. These amendments will change reporting obligations for brokerages under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). With that in mind, BCREA will retire this form on May 31.
Why will this form be obsolete?
As of June 1, FINTRAC will consider a brokerage to have entered into a business relationship with a client the first time they conduct a transaction or activity that requires them to verify the client's identity under the Act. In contrast, a brokerage is currently considered to have entered into a business relationship with a client if the brokerage conducts two transactions or activities over a period of five years that require them to verify the identity of the client under the Act.
This change to FINTRAC requirements creates new additional record-keeping obligations for brokerages and Realtors. It also means that BCREA's Individual Identification Information Record will no longer meet brokerages' FINTRAC requirements, which is why the form is being retired.
What form should I use instead?
Brokerages and Realtors in BC should use the updated Canadian Real Estate Association (CREA) Individual Identification Information Record to meet their identification verification requirements under the Act. The most current version of the CREA form can be downloaded from WEBForms®.
When should I stop using the BCREA form?
The form will be removed from WEBForms® on May 31, and Realtors and brokerages should not use the BCREA individual Identification Information Record on or after June 1.
As new guidance and resources are released around the June 1 FINTRAC amendments, BCREA will look for ways to continue supporting compliance officers, managing brokers and Realtors in meeting their FINTRAC and regulatory obligations.
For more information on how the June 1 FINTRAC amendments affect business relationships, click here. For additional information, resources and updates on the June 1 FINTRAC amendments, visit the gateway page on the BCREA website.
If you have questions on Standard Forms, please email [email protected].
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