FINTRAC Compliance—Supporting REALTORS®, Leading Change
The British Columbia Real Estate Association (BCREA) is working hard on behalf of BC’s 11 regional real estate boards and the province’s 23,000 REALTORS® to ensure the profession can play a leading role in the fight against money laundering. We are taking a two-pronged approach:
- Working with FINTRAC, the Canadian Real Estate Association (CREA) and regional real estate boards to help identify and close real estate sector vulnerabilities.
- Giving REALTORS® the tools to better understand and meet their reporting and compliance duties.
Working With Government and Industry Partners
BCREA is pleased to have received an invitation by Attorney General David Eby to participate in Dr. Peter German’s inquiry into money laundering in BC and to connect with the Ministry of Finance’s Expert Panel on Money Laundering in Real Estate.
On October 2, in response to the announcement of the BC government’s review into money laundering in sectors including real estate, BCREA wrote to Eby asking to be involved in Dr. German’s review and the Ministry of Finance’s Expert Panel on Money Laundering in Real Estate.
On October 16, Eby responded by inviting BCREA to meet with Dr. German, who is studying the scale and scope of verifiable illegal activity in the real estate market. Eby also recommended that BCREA provide insight to the Expert Panel on Money Laundering in Real Estate, which is looking at issues like gaps in compliance and enforcement of existing laws, financial services regulations and regulation of real estate professionals.
Eby’s invitation is the result of BCREA’s ongoing advocacy work to ensure REALTORS® help shape industry change. We welcome this opportunity for REALTORS® to show leadership in the fight against money laundering and look forward to building relationships with the Attorney General’s office and the Ministry of Finance.
Compliance Tools for REALTORS®
BCREA has recently updated the course FINTRAC: Compliance for REALTORS®, Brokers and Managing Brokers. The course, worth three professional development program credits, is offered in an online self-study format. Developed by subject matter experts and with the assistance of CREA, this course is based on FINTRAC guidelines. It addresses the following subject areas:
- Overview of the Compliance Regime
- Risk Assessment Mitigation and Monitoring
- Client Identification, Record Keeping and Third-Party Determination
- Reporting and Record Keeping
Click here for more information and to register. BCREA will continue to develop further educational resources for REALTORS®. We will keep you informed of new resources.