As a result of feedback from members and FINTRAC, CREA has updated its risk assessment form to make it easier for brokerages to comply with their obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (Regulations). The Regulations require brokerages assess and document their threats and vulnerabilities to money laundering and terrorist financing at least once every two years.
The updated form includes a new part 3, which asks brokerages to explain the rationale they use in completing the form, and a new part 4, which reminds brokerages that the Regulations require their Office Compliance Manual must specifically address any areas that place their brokerage at high risk for money laundering and terrorist financing by explaining how their brokerage will mitigate these risks.
Brokerages should download and use the new form going forward in order to facilitate compliance.
The updated form is available on REALTOR Link®.
Further information on the obligations of REALTORS® with respect to the Regulations is available on the CREA Legal Compliance Centre on REALTOR Link®.