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.