In case you haven’t heard, the Financial Transactions & Reports Analysis Centre of Canada (FINTRAC) has introduced new and revised regulatory requirements that come into effect on June 1, 2021, that will impact your real estate practice and anti-money laundering obligations. To ensure you’re ready for these changes, BCREA has created a series of short videos explaining the changes and what they mean in practice.
The first video in the series provides a high-level introduction to the amendments, reviews changes to certain Know Your Client obligations and changes to when business relationships are created.
The second video reviews the new beneficial ownership requirements for entity clients, including how to obtain beneficial ownership information, record keeping, and ongoing monitoring.
The third video covers the new politically exposed person (PEP) determination requirements and reviews when you are required to make a PEP determination and what to do if you determine that someone is a PEP.
The fourth video in the series discusses ongoing and enhanced monitoring for business relationships, which is not new but may be more common with the changes to when business relationships are created.
The final video in the series touches on the new virtual currency requirements. While the use of virtual currency to purchase real estate in BC is not common practice, it may be in the future, so it’s important to be aware of these new requirements.
For more information and additional resources on the June 1 FINTRAC changes, click here.
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