News Bytes – September 2020

Update on FINTRAC Compliance Activities During COVID-19

To assist in the elimination of money laundering and the financing of terrorist activities, real estate professionals are required by law to report all suspicious transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

During the height of the COVID-19 pandemic, FINTRAC had relaxed some of examinations. However, they are beginning to resume desk examinations with the real estate sector to assess your brokerage’s compliance program and effectiveness, as well as the compliance controls that have been put in place and adherence your adherence to your legal obligations.

Download the recent update on FINTRAC’s Compliance Activities during COVID-19 for more information.

RECA wins 2020 ARELLO Communication Award

Every year, the Association of Real Estate License Law Officials (ARELLO) recognizes organizations around the world for exemplary leadership in certain areas of real estate regulation.

RECA is pleased to announce it has won the 2020 ARELLO Communication Award for its suite of COVID-19 Information and Resources.

The global COVID-19 pandemic created an immense need for accurate and practical COVID-19 resources to alleviate confusion and stress for industry professionals and consumers. RECA created multiple resources to cover all real estate and consumer areas through multiple easily accessible platforms to support industry professionals and protect consumers.