Etobicoke Homes for Sale
  Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
   
 
david@davidpylyp.com
416 233 9000
 
 
 
 
Mortgage Info
 
FINTRAC Reporting

Changes to Reporting Entities Obligations
  • Changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations
  • Get more information about how changes will affect each reporting entity sector
The following is a summary of the legislative requirements under the PCMLTFA applicable to real estate brokers or sales representatives when they engage in any of the following activities on behalf of any person or entity in the course of a real estate transaction:
  • Receiving or paying of funds
  • Deposit or withdrawal of funds or
  • Transfer of funds by any means
Where a real estate broker or sales representative is an employee of a reporting entity, these requirements are the responsibility of the employer except with respect to reporting suspicious transactions and terrorist property, which is applicable to both.
Where a real estate agent is acting on behalf of a broker, these requirements are the responsibility of the broker except with respect to reporting suspicious transactions and terrorist property, which is applicable to both.
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FINTRAC Interpretation Notices
FINTRAC issues FINTRAC interpretation notices (FINs) to provide technical interpretations and positions regarding certain provisions contained in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.
For more information on your obligations and on FINTRAC, you can also consult our Frequently Asked Questions.
 


 

The following records must be kept:
  • Large cash transaction records
See Guideline 6: Record Keeping and Client Identification
Specific measures must be taken to identify the following individuals:
  • Any individual who conducts large cash transactions
SeeGuideline 6: Record Keeping and Client Identification
Where a large cash transaction record is required, you must take reasonable measures to determine whether the individual is acting on behalf of a third party.
In cases where a third party is involved, specific information about the third party and the relationship with the individual providing the cash must be obtained.
SeeGuideline 6: Record Keeping and Client Identification
The following four elements must be included in a compliance regime:
  • The appointment of a compliance officer
  • The development and application of compliance policies and procedures
  • Periodic review of the effectiveness of policies and procedures
  • Implementation of an ongoing compliance training program
See Guideline 4: Implementation of a Compliance Regime
Compliance Questionnaire
Part of FINTRAC's mandate is to ensure compliance by financial intermediaries and other reporting entities with their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and regulations. To do this, we can inquire into your business and examine records, including those relating to your compliance regime.
We have developed a real estate compliance questionnaire, for you to provide information concerning you or your organization’s compliance regime. If you are required to complete this questionnaire, you will be advised in writing by FINTRAC. View a list of the questions contained in the questionnaire.
For any questions, please contact us by e-mail at questionnaires@fintrac-canafe.gc.ca. If you do so, be sure to indicate your company/organization name as well as your reporting entity sector.
 
Real Estate
Changes applicable to real estate brokers and sales representatives are explained below. Unless otherwise specified, these changes come into effect on June 23, 2008.
Table of Contents
  1. Changes affecting reporting
    1.1 Obligations for real estate
    1.2
    Suspicious transaction reports

  2. Changes affecting record keeping and client identification
    2.1 Receipt of funds record
    2.2 Client information record
    2.3 Client identification
    2.4
    Date of birth on records

  3. Changes affecting your compliance regime
EFFECTIVE JUNE 23, 2008  I am required by law to have the Buyer / Seller/ Power of Attorney holder/ Corporation, complete these forms.
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First Name* Last Name*
City* Province*
Phone Number* E-Mail*


 

 

First Name* Last Name*
City* Province*
Phone Number* E-Mail*


 
 


  © DAVID PYLYP of Re/Max Realty Specialists Inc., Brokerage
Independently Owned and Operated
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of service provided by the real estate professionals who are members of CREA. Used under license
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license