Beneficial Ownership

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

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