The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has released an Operational Brief — will open in a new tab on Indicators of Money Laundering in Financial Transactions Related to Real Estate. The new publication will assist trading services brokerages in meeting their obligations to report suspicious real estate transactions, or attempted suspicious transactions. It provides guidance for brokerages on identifying suspicious transactions and complying with the FINTRAC reporting requirements.
The Operational Brief includes:
- an easy-to-use Table of Indicatorswith brief descriptions of nearly 40 indicators that brokerages can use to recognize and assess suspicious transactions.
- scenariosthat illustrate how a suspicious residential or commercial real estate transaction may proceed, resulting in reasonable grounds to suspect that the transaction may be part of an attempted money laundering offence.
The Council reminds trading services licensees that they have a legal obligation to comply with FINTRAC reporting requirements under the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act. By reporting suspicious transactions, licensees can help to protect real estate consumers, and all Canadians.
Ensure that you’re meeting your obligations, and fully reporting on any suspicious transactions, by reviewing and familiarizing yourself with these information sources.
- FINTRAC’s Operational Brief — will open in a new tab
- Overview of FINTRAC Reporting Requirements (Professional Standards Manual)
- FINTRAC Guidelines — will open in a new tab
To provide voluntary information to FINTRAC about money laundering or the financing of terrorist activities, please use the contacts below:
- Email: [email protected]
- Facsimile: 1-866-538-0880
- Mail: FINTRAC, 24th floor, 234 Laurier Avenue West, Ottawa, ON, K1P 1H7, CANADA
- Submit an electronic form: Voluntary information reporting — will open in a new tab
This information is provided to you by the Real Estate Council of British Columbia (RECBC).
Your feedback is always welcome and can be sent to [email protected].