New FINTRAC Requirements
| May 11, 2021
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has new regulatory requirements for the real estate sector coming into force June 1, 2021.
The changes relate to verifying identity, how a business relationship is defined, and new record keeping requirements.
Details about the new requirements can be found on the following FINTRAC webpages:
- When to verify the identity of persons and entities — Real estate brokers or sales representatives, and real estate developers (https://www.fintrac-canafe.gc.ca/guidance-directives/client-clientele/client/real-eng)
- Methods to verify the identity of persons and entities (https://www.fintrac-canafe.gc.ca/guidance-directives/client-clientele/Guide11/11-eng)
- Know your client requirements, including – Business Relationship, Ongoing Monitoring, Beneficial Ownership, 3rd Party, Politically Exposed Persons/Head of International Organizations information (https://www.fintrac-canafe.gc.ca/guidance-directives/client-clientele/1-eng)
- Record keeping requirements for real estate brokers or sales representatives, and real estate developers (https://www.fintrac-canafe.gc.ca/guidance-directives/recordkeeping-document/record/real-eng)
If you have any questions or concerns regarding these new requirements, please contact FINTRAC at guidelines-lignesdirectrices@fintrac-canafe.gc.ca
