With the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) latest regulatory amendments coming into effect on June 1, BCREA will retire the one-page BCREA Individual Identification Information Record as of May 31. The FINTRAC amendments redefine when brokerages enter into business relationships and as such, this one-page form will no longer meet brokerage’s identification verification requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act). You can learn more about why this form is being retired here.
As of June 1, you should use the most current version of the Canadian Real Estate Association’s (CREA) Individual Identification Information Record, or a similar form provided by your brokerage that contains all the necessary information for client identification. CREA has updated their form to reflect the June 1 amendments and it’s currently with FINTRAC for review. You can view the draft form on REALTOR Link®, and it will be available for download from WEBForms® once finalized.
CREA has a number of additional draft resources and forms available on REALTOR Link® to help you meet your new and revised anti-money obligations, including an updated FINTRAC office policy, updated FINTRAC FAQ, a new Politically Exposed Person/Head of International Organization Checklist/Record, a new Beneficial Ownership Record and updated versions of several other forms. These updated forms will be available to download from WEBForms® once finalized.
To learn more about the June 1 FINTRAC amendments and access resources from BCREA, CREA, FINTRAC and the Real Estate Council of BC, click here.
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