The Office of the Superintendent of Financial Institutions (OSFI) has ceased publication of two lists used by REALTORS® to determine whether their clients are terrorists or terrorist groups for the purposes of satisfying their Financial Transactions and Reports Analysis Centre (FINTRAC) Regime obligations. However, FINTRAC guidance online continues to refer to the old lists.
Given the potential for confusion, we have reached out to FINTRAC for clarification and obtained the following policy interpretation:
“In the absence of OSFI’s consolidated lists, a reporting entity must have an alternate means to refer to the prescribed lists… which are available at the following links: https://laws-lois.justice.gc.ca/eng/regulations/SOR-2002-284/page-1.html#h-694379 and https://laws-lois.justice.gc.ca/eng/regulations/sor-2001-360/page-3.html#docCont, respectively. In addition, FINTRAC would encourage reporting entities [i.e. REALTORS®] to refer to other lists or media that may exist, to make the determination on any person, group, trust, partnership or fund or an unincorporated association or organization that has as one of its purposes or activities facilitating or carrying out any terrorist activity.”
FINTRAC has informed us they are in the process of updating their guidance.
REALTORS® are encouraged to speak to their brokerage’s compliance officer regarding how best to implement their brokerage’s FINTRAC Regime policies and procedures in light of this development.
