FINTRAC Resource Materials to Help Simplify Compliance. Once completed you must scroll all the way down and verify you have taken this course!
The new regulations mean that Brokerages are required to:
- Keep client information up to date and keep a record of the purpose and intended nature of the Brokerage’s business relationships with clients.
- Keep correspondence with clients of the measures taken by the Brokerage to monitor business relationship with clients.
- Reassess a client's risk of money laundering or terrorist financing for clients who are in a business relationship with the Brokerage.
CREA’s resource materials include the new comprehensive Proceeds of Crime (Money Laundering) and Terrorist Financing Act and Regulations 2014 Compliance Regime manual that explains obligations–both existing and new–in a user-friendly, fill-in-the-blank format. More specifically, section 18.104.22.168 of the manual specifically pertains to the new regulations.
Of note, the new manual can be tailored to the Brokerage’s business and used to satisfy FINTRAC’s requirement for documentation of a Brokerage’s policies and procedures. Revised CREA forms, which incorporate the new requirements, are available for download on REALTOR Link® and will be available shortly on WEBForms®. CREA’s FINTRAC FAQ has also been updated with instructions on how Brokers may wish to implement the new forms into their Brokerage.
These new materials complement the over two years of lobbying, which resulted in ten changes and clarifications that significantly and substantively reduce the administrative burden of the new regulations.
Click here to access the new FINTRAC resource material on REALTOR Link®. Please note that Members must log in using their REALTOR Link® username and password. For login assistance, please contact the TREB’s Help Desk at (416) 443-8111.