Last Updated: March 25, 2021
On June 1, 2021, big changes are coming to real estate practice and your anti-money laundering obligations. The Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) has introduced regulatory amendments that will come into effect on June 1 and create new or change existing obligations for all reporting entities (REs), including real estate brokerages. BCREA will support brokerages and REALTORS® through these changes and ensure you have the tools and resources you need to continue meeting your FINTRAC obligations.
Additionally, the Land Owner Transparency Register (LOTR) becomes publicly searchable on April 30, 2021. BCREA is working with the Real Estate Council of BC (RECBC) to understand how the new public search tool can be used in real estate practice. Watch this page for more information to come on using the LOTR public search tool when working with buyers and sellers.
BCREA has created this landing page so that Realtors and brokers have access to the resources and information they need to implement the June 1 FINTRAC changes and be aware of the LOTR search tool and how it can be used in real estate practice.
FINTRAC Changes: What to Expect
The June 1 FINTRAC amendments that will create new or change existing obligations for all REs, including real estate brokerages, include:
The real estate sector is awaiting additional guidance from FINTRAC on how these changes will affect real estate practice. BCREA will add this guidance, as well as resources from the Canadian Real Estate Association, to this landing page as soon as they are available and develop additional guidance as needed.
BCREA will also host a Community of Practice session for managing brokers on the coming FINTRAC changes on May 19 (register here) and a webinar for all Realtors on June 2. We will create videos, podcast episodes and blog posts; update and offer our Mastering Compliance anti-money laundering training program again this fall; and host our first-ever anti-money laundering symposium later this year. Watch this page for updates on these events and resources!
As we work with RECBC to understand how the LOTR public search tool can be used in real estate practice, we will prepare Realtors to use the tool by sharing information and resources from the Land Survey Titles Authority (LTSA), who is responsible for developing and operating LOTR. We will also host a Community of Practice session on April 21 on using the LOTR public search function (register here).
If you’re not familiar with LOTR or the Land Owner Transparency Act (LOTA), we have also created a number of resources on LOTR, found in the resources section below.
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