REALTORS® are reminded that two important FINTRAC-related measures are expiring in March 2022.
Grace Period Ending
On June 1, 2021, amendments to Canada’s money laundering laws impacting all reporting entities including, financial entities, casinos, accountants, and real estate professionals, among others, came into effect.
As a result of the REALTOR® community’s/CREA’s lobbying efforts, FINTRAC announced that until March 31, 2022, FINTRAC would be only assessing compliance with regulatory requirements in effect prior to June 1, 2021 – effectively creating a 10-month “grace” period for the new obligations. REALTORS® are reminded that as of April 1st, FINTRAC will begin examining compliance with respect to all obligations (including with respect to transactions that occurred during the grace period, although FINTRAC has indicated they will be flexible and reasonable in their examinations when doing so).
COVID-19 Measures
In early 2020, FINTRAC announced a series of temporary measures intended to help REALTORS® tackle some of the unique challenges posed by COVID-19. The most notable measure was the ability to verify the identity of a client using Zoom, FaceTime or other basic video technology. FINTRAC has announced it is withdrawing those measures as of March 31, 2022. As specified in FINTRAC guidance, more sophisticated methods of video identification, as well as traditional methods of remote identification (dual process, mandatary, etc.), continue to be available.
For more information see FINTRAC’s Notices and advisories for reporting entities.
Brampton Real Estate Board 