FINTRAC

2021 Advocacy Year-In-Review

This year was full of significant changes for the real estate sector in BC. REALTORS® continued to navigate the challenges of the COVID-19 pandemic and many assisted communities hit by historic rainfalls in a number of ways, including fundraising to support the Red Cross. 2021 was also filled with significant government interventions impacting the sector.

Register Now for Mastering Compliance 2.0

Update – October 20: Mastering Compliance 2.0 is now live. The program and its modules are available for learners on REALTOR Link®. (REALTOR Link® login required)         Pre-register for Mastering Compliance: Anti-Money Laundering Training for Brokers today! The updated online program provides brokers and compliance officers with the tools to master FINTRAC compliance. This program combines self-paced and

Get Ready for Mastering Compliance: Anti-Money Laundering Training for Brokers

BCREA’s popular self-paced education program, Mastering Compliance: Anti-Money Laundering Training for Brokers, is back! This year’s program is touted as “Mastering Compliance 2.0,” with enhancements incorporating feedback from last year. Mastering Compliance: Anti-Money Laundering Training for Brokers helps managing brokers, compliance officers and administrative staff who contribute to FINTRAC compliance at their brokerage meet FINTRAC’s

Save the Date: Mastering Compliance 2.0 Coming October 2021

This post was updated on August 20, 2021, to incorporate that the Anti-Money Laundering Symposium has been moved to early 2022. This October, BCREA will expand its anti-money laundering support for managing brokers and compliance officers with the launch of an updated online version of Mastering Compliance: Anti-Money Laundering Training for Brokers and followed by

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

Federal Budget Recap: Foreign Buyers Tax Concerning, Other Measures Welcomed

On April 19, Canada’s Minister of Finance Chrystia Freeland introduced the Liberal government’s first budget since the beginning of the COVID-19 pandemic. The budget provides significant funds to many programs, including several to assist homeowners and renters, increasing the federal deficit by an estimated $382 billion, but also includes measures which are concerning to BCREA.

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

Signs You Should File a Suspicious Transaction Report

Filing a Suspicious Transaction Report (STR) can seem like a tough call – what’s considered suspicious? And how do they help anyways? The truth is STRs are an easy and important way for REALTORS® to help protect BC’s economy from money laundering. They also play a key role in helping law enforcement identify money launderers

BCREA Calls for Increased Federal/Provincial Cooperation to Tackle Money Laundering in BC

Vancouver, BC – February 26, 2020. Today, the BC Real Estate Association makes our opening statement to the Cullen Commission of Inquiry into Money Laundering in British Columbia. “We are committed to working with government to better understand this issue and address any pre-existing vulnerabilities within our sector,” says BCREA CEO Darlene Hyde. “It is our hope

FINTRAC Compliance? There’s an App for That!

If you’re looking to reduce errors and omissions when it comes to completing FINTRAC individual identification and receipt of funds forms, you might want to check out the FINTRACKER™ app created by Forward Form Solutions Inc. The app is meant as a digital FINTRAC reporting solution for real estate professional to help reduce human error,

Continuing the Joint Meeting Conversation

Navigating changes to REDMA January 23 marked the first joint meeting of real estate board and British Columbia Real Estate Association (BCREA) leadership of 2019. We hold regular joint meetings to gather input from real estate board leadership on important initiatives underway at BCREA and build stronger relationships. Our President James Palanio welcomed more than

Getting to the Bottom of FINTRAC Compliance

Answers to your burning questions The wait for responses from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to managing brokers’ top questions submitted at the Conference for Managing Brokers is over! During the conference, attendees submitted questions to the presenters and voted for the questions they most wanted answered. Responses to three

BCREA Launches FINTRAC Action Plan

BCREA has launched a new action plan in collaboration with member boards to support REALTORS® and managing brokers in better understanding and meeting their FINTRAC reporting duties to help keep the proceeds of organized crime out of the housing market. We have also increased our collaboration with CREA and government partners to prepare for more

BCREA Conference to Discuss Best Practices in FINTRAC Regulation Compliance

BCREA’s first ever conference on regulatory and advocacy issues for managing brokers will also include a panel discussion on best practices in complying with FINTRAC’s anti-money laundering regulations. “Complying with FINTRAC reporting regulations is an important part of managing brokers’ duties,” said Darlene Hyde, BCREA Chief Executive Officer. “We want to help managing brokers learn