On June 2, BCREA hosted a free one-hour webinar to help REALTORS® and brokerages understand the new regulatory amendments introduced by the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) on June 1. Thank you to the over 4,400 Realtors who attended! If you attended the full live session, please allow up to two …
By: Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor The rise of virtual currency If you’ve followed the news lately, you’ve probably noticed the increased prominence that virtual currencies are gaining on the global financial landscape. A 2019 study estimated that 9% of the global population owns Bitcoin, while British Columbia alone is home to 229 …
On this month’s episode of Open House by BCREA, we are joined by Adam Feldman, an Anti-Money Laundering Advisor with The AML Shop, who shares an overview of the new or revised anti-money laundering regulations that come into effect on June 1, 2021, and how they will impact real estate practice. These changes were introduced by …
In case you haven’t heard, the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) has introduced new and revised regulatory requirements that come into effect on June 1, 2021, that will impact your real estate practice and anti-money laundering obligations. To ensure you’re ready for these changes, BCREA has created a series of short …
By: Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor If you remember last week’s post, starting on June 1, 2021, brokerages will need to determine if an individual with whom they are dealing is a politically exposed person (PEP). A PEP is an individual who holds a senior position in a government, military, judiciary or international …
By: Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor What is a PEP? If you’ve been following the regulatory changes that are coming into effect on June 1, 2021, you might be aware that, under circumstances described in the next section, brokerages will be required to determine if an individual is a PEP. But what is …
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 …
By Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor What is a beneficial owner, and why do I need to know? A beneficial owner is defined in Canadian federal anti-money laundering regulations as an individual who owns or controls 25% or more of an entity. This could be through direct ownership or ownership of another entity. For …
By Adam Feldman, CAMS, CAMS-RM, CSC, Guest Contributor Brokerages have been required to conduct ongoing monitoring of their business relationships ever since the concept was introduced into regulation in 2014. At that time, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) clarified that a business relationship is established if a brokerage conducts two …
The British Columbia Real Estate Association acknowledges that our head office is located on the unceded traditional territories of the Coast Salish Nations of Sḵwx̱wú7mesh (Squamish), səl̓ilwətaɁɬ (Tsleil-Waututh), and xwməθkwəy̓əm (Musqueam). We also acknowledge the other 195 First Nations in British Columbia, as these are the lands we each call home.
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