To help REALTORS® ensure FINTRAC compliance, the Canadian Real Estate Association (CREA) has made changes to its FINTRAC Regime materials.
These changes do not reflect new FINTRAC rules or requirements. Rather, they highlight areas where REALTORS® are encountering difficulties in complying with Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations.
Key changes include:
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- Revisions to the client risk section of CREA’s Information Record templates to assist members in ascertaining their client’s risk of money laundering and terrorist financing.
- A revised Receipt of Funds template to make it clearer that information on the person providing the funds needs to be recorded.
- An updated Risk Assessment Form that’s intended to assist brokers, step-by-step, in determining their brokerage’s risk of money laundering or terrorist financing.
Updated materials have been posted to CREA’s member portal and updated FINTRAC forms are now available on CREA WEBForms®.
If you have any questions, please contact CREA’s Member Experience Centre at support@CREA.ca.
