The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has announced that its Web Reporting System is unavailable due to a cyber incident in March.
FINTRAC has confirmed with the Canadian Real Estate Association (CREA) that no REALTOR® information was compromised by this incident. However, the system’s unavailability will impact REALTORS® attempting to report suspicious, large cash, and large virtual currency transactions.
FINTRAC estimates it may be several months before the Web Reporting System returns online. REALTORS® should continue to identify and document all reportable suspicious, large cash and large virtual currency transactions internally and be prepared to report them to FINTRAC once its systems are back online.
Exceptions include when REALTORS® are dealing with a “priority” suspicious transaction relating to one of the following situations:
- a transaction that relates to the commission or attempted commission of a terrorist activity financing offence;
- if there is direct law enforcement involvement;
- if there are suspicions of online sexual exploitation of children or
- if there are indicators, the transaction relates to the trafficking of an underage individual.
If you believe a purchase or sale transaction relates to one of these scenarios, FINTRAC has asked they be contacted directly:
Email:STR-DOD@fintrac-canafe.gc.ca
Telephone: 1-866-346-8722 (toll free)
REALTORS® should continue to monitor FINTRAC’s website for updates.