September 6, 2023 – FINTRAC Q&A
On Wednesday, September 6, 2023, we were joined by Carson Kong, Senior Compliance Officer at FINTRAC, and Mark Sokolnicki, Regional Compliance Manager at FINTRAC. Carson and Mark provided answers to many of the questions stemming from previously held sessions hosted by BCREA and KPMG on topics such as training and filling out forms, when FINTRAC obligations are triggered, suspicious transaction reporting, FINTRAC compliance examinations, and more.
Please note the recording of this September 6th Community of Practice will only be available on BCREA Access for a period of three months.
Also note that FINTRAC will be presenting at BCREA’s Managing Broker Conference November 8 – 9, 2023, and registration is open here. We recommend registering early as some of our sessions have limited capacity, so this is your opportunity to tailor your conference experience to your interests!
- Session slide deck (FINTRAC)
At this Community of Practice session presented by FINTRAC, several submitted questions have already been answered in CREA’s FINTRAC FAQs, linked here. Below are the related FAQ numbers and answers to those questions, along with several other resources to answer some additional questions that were asked.
- Two questions related to the monitoring of business relationships: FAQs 5, 8, and 56.
- Three questions were asked about lawyers’ and property managers’ responsibilities under FINTRAC: FAQs 11 and 15.
- Two questions asked for comments on REALLY TRUSTED’s FINTRAC application: FAQ 50.
- One question asked why the REALTOR® is required to fill out the Receipt of Funds: FAQs 18 and 62.
- One question asked if FINTRAC compliance is required to sell a business: FAQ 12.
- One question asked about incomplete transactions: FAQ 84.
- One question asked about employment, specifically ‘student’ and ‘teacher’: FAQ 32.
- One question asked, “BitCoin?”: FAQs 63 and 70.
- One question asked for a “pre-made” client ID form: FAQ 13. Resources are here: Anti-Money Laundering (FINTRAC) – CREA Member Portal, and the ID form is here: Individual Identification Information Record.
- One question asked if administrative penalties are automatic: Questions and answers on administrative monetary penalties: Financial Transactions and Reports Analysis Centre of Canada.
- One question asked for a policy manual and examples: Anti-Money Laundering (FINTRAC) – CREA Member Portal.
Three other questions from the Q&A were submitted to FINTRAC’s representatives for answers and we are currently waiting for the responses, and the remainder were answered during the presentation.
Below are some useful resources from the session:
BCREA courses:
- The REALTOR®‘s Guide to Suspicious Transactions
- FINTRAC for REALTORS®: Understanding Canada’s Anti-Money Laundering Laws
- Mastering Compliance 2.0: Anti-Money Laundering Training for Brokers
FINTRAC Resources:
- Methods to verify the identity of persons and entities
- Video 1 – Verifying the identity of a client: Government-issued photo ID method
- Video 2 – Verifying the identity of a client: Credit file method
- Video 3 – Verifying the identity of a client: Dual-process method
- Video 4 – Verifying the identity of a client: Affiliate or member method
- Video 5 – Verifying the identity of a client: Reliance method
- Real estate brokers or sales representatives, and real estate developers
- Policy interpretations database
- Send Questions to FINTRAC:
- Email: [email protected]
- Telephone: 1 866 346 8722 (toll free)
The views expressed in these presentations are those of the speakers and
do not reflect the views of BCREA or its member boards. Please note, the
content of these presentations was current as of the date of each session
and we cannot guarantee the accuracy of information provided in past sessions.
Past Sessions
April 10, 2024 – Government Relations Advocacy Update
March 20, 2024 – The Makings of a Complete Compliance Program
February 14, 2024 – BCREA Economics Update
January 17, 2024 – Update from BC Assessment
December 6, 2023 – Indoor Air Quality and Radon Gas in Real Estate
November 22, 2023 – Top Findings from BCFSA’s Audit of Real Estate Brokerages
November 1, 2023 – Managing Brokers Policies and Procedures Manual Template & Standard Forms Launch
October 11, 2023 – Real Estate Transactions involving Tenanted Properties
September 13, 2023 – Real Estate Transactions Involving Indigenous Lands
September 6, 2023 – FINTRAC Q&A
August 23, 2023 – BC Strata Amendments Explained
August 9, 2023 – WorkSafeBC and Real Estate
July 19, 2023 – BCFSA’s Regulatory Roadmap, Data Insights, Rules Amendments, and Stakeholder Engagement
July 5, 2023 – FINTRAC Compliance and Preparing for Examinations
June 21, 2023 – Distracted Driving: What to Know as a Real Estate Professional
June 7, 2023 – Cybersecurity Best Practices for Brokerages
May 24, 2023 – Climate Crisis Impacts on Real Estate
May 10, 2023 – Mental Health in Real Estate
April 26, 2023 – BCREA Government Relations Update
April 12, 2023 – Errors and Omissions Q&A
March 29, 2023 – Title Fraud in Real Estate – What You Need to Know
March 1, 2023 – Errors and Omissions – Insurance Changes, Trends, and Tips for Mitigating Risk
February 22, 2023 – The Path to Recovery in the Housing Market
February 15, 2023 – Data Collection in Real Estate
February 8, 2023 – Managing Broker Research Insights
January 18, 2023 – Foreign Buyer Ban with CREA and AUTOPROP
January 11, 2023 – BC Assessment 2023 Highlights
November 16, 2022 – 2023 Regulatory Changes and Standard Forms Launch
November 2, 2022 – Home Buyer Rescission Period with BCFSA
October 26, 2022 – Professionalism and the Leadership Role for Managing Brokers
September 28, 2022 – Housing Panel with Municipal-Nominees Across BC
August 17, 2022 – BCREA Updates
July 13, 2022 – The Cullen Commission Report: What REALTORS® Need to Know
June 15, 2022 – BCREA Government Relations and Advocacy Update
June 1, 2022 – FINTRAC – Receipt of Funds (no recording)
May 18, 2022 – BCREA Government Relations and Advocacy Update
May 4, 2022 – Risk Mitigation and Insurance Through Wildfire Season
April 20, 2022 – An Inside Look at Conveyancing
April 6, 2022 – Enhancing your Cyber Security with MFA
March 16, 2022 – Understanding Challenges With Assignments
March 2, 2022 – BCREA Consumer Protection Recommendations
February 2, 2022 – Let’s Chat – Darlene Hyde Talks Past, Present and Future at BCREA
January 19, 2022 – BCREA’s Economic Outlook
January 5, 2022 – BC Assessment 2022 Highlights
December 1, 2021 – REEOIC Recap of Top Claims and How to Avoid Them
November 17, 2021 – Mandatory Cooling Off Period and Other Real Estate Transparency Measures
November 3, 2021 – Standard Forms Pre-Launch
October 20, 2021 – REALTOR® Professionalism & REALTORS® Care week
October 6, 2021 – Post-Election Sectoral GR and Advocacy Update
September 22, 2021 – Risk Management in a Red Hot Market
September 1, 2021 – Corporations, Corporate Records, & Identifying Beneficial Interests
July 28, 2021 – Integrated Regulator of the Financial Services Sector: BCFSA
June 16, 2021 – Vaccines & the Restart Plan – What You Need to Know
May 19, 2021 – FINTRAC Compliance Resources and the Upcoming Changes (no recording)
April 21, 2021 – Land Owner Transparency Registry
April 7, 2021 – E&O: Mitigating Risks in a Hot Market
March 31, 2021 – Emerging Issues in a Hot Market
March 17, 2021 – Legal Defence Reserve
March 3, 2021 – Cyber Security and Technology: What Brokers Need to Know
February 24, 2021 – REALTORS® and the BC Energy Step Code
February 3, 2021 – BCREA Update on Cullen Commission
January 13, 2021 – RECBC Licensing Fee Changes
December 16, 2020 – 2020 Year-In-Review and Looking Ahead to 2021
November 18, 2020 – What Would You Do? Presentation Series: Conflicts of Interest and Misrepresentations
November 4, 2020 – Administrative Penalties
October 7, 2020 – Land Owner Transparency Registry
September 23, 2020 – Risk and Insurance for Real Estate Brokerages
September 9, 2020 – Anti-Money Laundering & Fostering a Culture of Compliance
August 19, 2020 – New Forms and Form Revisions Fall 2020
August 5, 2020 – What Would You Do? Presentation Series: Working in Your Area of Expertise
July 22, 2020 – Rising Strata Insurance Rates in BC
July 8, 2020 – Update from the Superintendent of Real Estate
June 24, 2020 – REALTOR® Brand & Reputation Management
June 17, 2020 – Guidance and Support for Returning to Safe Operations
June 10, 2020 – What Would You Do? Presentation Series: Implied Agency
June 3, 2020 – Managing Broker Panel Discussion on Returning to Safe Operations
May 20, 2020 – FINTRAC Update and Return to Safe Work Plan (No Recording)
May 13, 2020 – E&O Coverage and Claims During COVID-19
May 6, 2020 – Economic Outlook and Market Update
April 29, 2020 – The Virtual World and Live Tours
April 22, 2020 – Professional and Regulatory Changes: Principle-Based Practice
April 15, 2020 – Provincial and Federal Advocacy During COVID-19