Changes to Canada’s FINTRAC Regime are schedule to come into force on June 1, 2021. We have been working hard to mitigate the compliance burden of the new regulations, while also making sure that REALTORS® will have the resources and time they need to adapt to these changes.
As a result of persistent lobbying by CREA on behalf of REALTORS®, FINTRAC has essentially announced a grace period with regards to the enforcement of new regulations. On May 18, FINTRAC issued a notice stating, from June 1, 2021, to March 31, 2022, FINTRAC will focus on assessing compliance with regulatory requirements that were in effect prior to June 1, 2021. During this period it is still expected that REALTORS® make good-faith efforts to comply with the amended regulations, but the likelihood of an administrative monetary penalty being levied if a deficiency is found with respect to the new obligations is significantly lower.
We are waiting on feedback on a draft package of sector-specific resources and materials that has been with FINTRAC for review for several months. As previously communicated to boards and associations, draft versions of its updated materials are available on REALTOR Link® so REALTORS® have time to familiarize themselves with their new obligations in advance, should they choose. The materials are based on the best available information. We will post a final sector-specific version of all resources on REALTOR Link® and host a webinar (open to all REALTORS®) explaining the changes, after FINTRAC publishes all relevant guidance and we receive FINTRAC’s feedback.
If you have any questions please contact Dil Puar, Director, Government Relations (dpuar@crea.ca), or Simon Parham, Legal Counsel and Chief Privacy Officer (sparham@crea.ca).
