Real estate professionals in BC should be aware of recent changes to federal anti-money laundering regulations that may impact how client information is handled. The BC Financial Services Authority (BCFSA) has issued an advisory outlining new provisions under the federal Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that now permit — but do not require — reporting entities to share client information with one another.
These changes are designed to support more effective detection and prevention of financial crimes. Real estate brokerages that choose to participate must meet specific regulatory requirements, including operating within a Code of Practice, and are encouraged to stay informed by reviewing official guidance and updates from FINTRAC.
For more information, read the BCREA article AML Series: Intelligence Sharing Between Reporting Entities here (BCREA Access required).
To watch a helpful video explaining FINTRAC’s Suspicious Transactions Reports, click here.