2021 FINTRAC Changes

Webinar Recording: Understanding the June 1 FINTRAC Changes

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

Getting Ready for the June 1 FINTRAC Changes: Virtual Currency Obligations

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

BCREA Video Series: Are You Ready for the June 1 FINTRAC Changes?

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

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

Getting Ready for the June 1 FINTRAC Changes: Beneficial Ownership

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

Getting Ready for the June 1 FINTRAC Changes: Business Relationships

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