All real estate professionals have a role to play in meeting FINTRAC obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), and beneficial ownership remains a critical requirement. Beneficial owners are the individuals who ultimately own or control a corporation, trust, or other entity involved in a transaction—generally those who own or control 25% or more. In real estate, where entities frequently buy and sell property, identifying these individuals helps remove anonymity from transactions.
It’s not enough to simply record the legal name of a corporate buyer or seller. You must take reasonable measures to obtain and confirm information about the individuals who ultimately own or control the entity, understand the ownership structure, and ensure proper records are maintained in line with your brokerage’s policies.
FINTRAC has published a training video on beneficial ownership to provide additional clarity and guidance. Reviewing and sharing this resource can help strengthen your compliance practices and reduce regulatory risk while supporting the integrity of the real estate sector.
FVREB Professional Standards