Real estate continues to be a target for money laundering and other financial crimes, which is why the sector remains under close scrutiny by regulators. With Canada’s anti-money laundering laws placing clear obligations on reporting entities, real estate agents must be prepared not only to recognize suspicious transactions, but also to report them properly.
Submitting a Suspicious Transaction Report (STR) to FINTRAC is a key step in this process — but it requires more than just flagging unusual behaviour. Accuracy, timing, and discretion all play a role in ensuring the report is useful to Canada’s financial intelligence network.
This video provides important guidance on what real estate agents need to consider when preparing and submitting an STR. From understanding what details to include, to knowing how and when to file the report, the information shared can help you strengthen your compliance procedures and avoid common missteps.
Additional BCREA Anti-Money Laundering resources for REALTORS® can be found here (BCREA Access required).