On June 1, 2021, regulatory amendments introduced under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) will come into effect and create or change obligations for reporting entities, including real estate brokerages and by extension, their Realtors.
BCREA will offer a free one-hour webinar on June 2, to help BC Realtors understand how these changes affect their real estate practice and how they can continue to meet their Financial Transaction and Reports Analysis Centre of Canada (FINTRAC) obligations.
Attending this webinar permits participants to claim one hour of self-directed learning toward their Professional Development Program (PDP) requirements. BCREA will submit an attendee report to member boards directly – attendees will not need to report their attendance. Note: You must attend the full session to be eligible for the self-directed PDP hour. It is also recommended that you attend the session live as BCREA cannot yet confirm if the session will be recorded.
There are a number of new and revised obligations coming into effect with the June 1 legislative amendments, and it’s important that Realtors understand how these changes affect real estate practice, as brokerages delegate many FINTRAC obligations to Realtors. The June 1 amendments include:
- new definitions;
- changes to certain Know Your Client obligations, including when to verify the identity of persons and entities, business relationship requirements, beneficial ownership requirements, record-keeping requirements, and ongoing monitoring requirements;
- rules and regulations related to politically-exposed persons and heads of international organizations, which are not new, but are new to real estate brokerages and sales representatives; and finally,
- new money laundering and terrorist financing regulations on the use of virtual currencies.
You can learn more about the changes here.
In addition to other resources (videos, blog posts, podcast episodes), this webinar will provide an overview of the changes, what they mean in practice, and an opportunity for Realtors to ask questions about the changes.
What to expect in the webinar:
The webinar will be hosted by BCREA Chief Operating Officer Corinne Caldwell, who will be joined by Simon Parham, Legal Counsel for the Canadian Real Estate Association (CREA). Simon will give a presentation on the changes and how they impact real estate specifically, the resources available to help support Realtors and brokerages in their record keeping requirements.
How to sign up:
- Registration: Click here to sign up.
- Date: Wednesday, June 2
- Time: 10 am to 11 am (Pacific Standard Time)
- Format: Zoom webinar
- Cost: Free
- Reporting self-directed PDP hours: BCREA will submit an attendee report to the Board directly – you will not need to report your attendance. Note: You must attend the full session to be eligible for the self-directed PDP hour.
- Questions: Contact BCREA Communications Assistant Mackenzie Smith at email@example.com