The Canadian Real Estate Association has updated its FINTRAC (money laundering) resource materials. Changes include
- Clarification on the types of records that need to be kept to satisfy the obligation to keep records of measures taken to monitor a broker’s business relationships.
- Revisions to reflect FINTRAC’s recently published Guidance on the Risk-Based Approach to Combatting Money laundering and Terrorist Financing and the recent Supreme Court of Canada FINTRAC decision with respect to lawyers.
- More information on suspicious transaction records and reports.
- Minor formatting changes to CREA forms.
Revised CREA forms, which incorporate the changes, are available for download now on REALTOR Link® and are now available on WEBForms®.
As a result of a new FINTRAC course developed by the Real Estate Knowledge Network (REvia), CREA will be discontinuing its own Money Laundering 101 course, currently offered by a third party and accessible via REALTOR Link®, as of December 31, 2015.
The new REvia course represents a significant improvement over CREA’s existing course as it is available in both English and French, contains broker and agent streams so that the law is explained in light of specific responsibilities, is more user-friendly, and contains numerous quizzes and helpful examples to help ensure that information members need to know is retained.
For more information about the new REvia course, go to http://www.revia.ca.