CREA has informed all real estate boards that the Office of the Superintendent of Financial Institutions (OSFI) has ceased publication of two lists that may be used by REALTORS® to determine whether their clients are terrorists or terrorist groups for the purposes of satisfying their FINTRAC obligations.
OSRE began publishing lists of names on its website in 2003 to assist federally regulated financial institutions (FRFIs) in meeting their obligations to conduct monthly reporting in relation to new legislation and associated regulations.
Given that the lists are also available from other public sources, OSFI has ceased publication of lists of designated persons.
However, OSFI still expects Realtors to continue to meet all legal obligations on an ongoing basis. For more information about your obligations, refer to the OSFI website.
CREA says it was not consulted prior to this change in procedure, but is engaging with FINTRAC on this issue and will update its own materials on REALTOR Link®.