| On July 14, CREA will be hosting a webinar regarding changes to the FINTRAC Regime that came into effect June 1, to assist members in complying with new regulations. Key changes include: A new obligation to determine whether a client is a politically exposed person or head of an international organization. A new obligation to obtain beneficial ownership information from corporate and other entity clients. A new obligation to report large virtual currency transactions. Simon Parham, CREA Legal Counsel and Chief Privacy Officer will be reviewing these major changes, in a free webinar available to all REALTORS® on July 14 at 1 p.m. (EDT), highlighting the newly available resources that should be used in reference to these new regulations. At this webinar, REALTORS® can also: learn about how these changes might impact their business; learn more details about the grace period announced by FINTRAC and the expectations surrounding it; and ask clarifying questions. |
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For more information regarding the FINTRAC Regime update see FINTRAC’s New Regulatory Requirements for the Real Estate Sector guidance.
Up-to-date materials for REALTORS® regarding compliance with the new obligations can be found on REALTOR Link® and CREA WEBForms®; these new resources have replaced draft versions previously made available by CREA on REALTOR Link®.
FINTRAC has not yet published its large virtual currency report on its website. Once FINTRAC has made this report available, CREA will include a reference link in its template office manual. Until that time, REALTORS® should reference the notice on the assessment of new regulatory obligations when seeking information on reporting large virtual currency transactions before they proceed.
If you have any further questions you can contact Dil Puar, Director, Government Relations (dpuar@crea.ca), or Simon Parham, Legal Counsel and Chief Privacy Officer (sparham@crea.ca).
Brampton Real Estate Board 