Miscellaneous
On this month's episode of Open House by BCREA, we are joined by Adam Feldman, an Anti-Money Laundering Advisor with The AML Shop, who shares an overview of the new or revised anti-money laundering regulations that come into effect on June 1, 2021, and how they will impact real estate practice. These changes were introduced by the Financial Transactions Reports Analysis Centre of Canada, more commonly known as FINTRAC.This episode was recorded on May 20 and 25, 2021.Rundown:Introduction - 0:00Feature Conversation - 1:45Adam Feldman Introduction - 2:45Regulatory Change Overview - 3:40Beneficial Ownership - 7:20Business Relationships - 11:30Politically Exposed Persons - 16:40Virtually Currency - 23:50Links:BCREA FINTRAC 2021 Gateway PageJune 2 FINTRAC Webinar RegistrationBackground:On June 1, 2021, big changes are coming to FINTRAC. The regulatory amendments will result in new or changes to existing obligations for all reporting entities, including real estate brokerages.The amendments will cover areas such as beneficial ownership, business relationships and ongoing monitoring, politically exposed persons, certain record-keeping obligations and more. BCREA has created a series of resources to support brokerages and REALTORS® and one of those is a conversation with Adam Feldman, who is a certified Anti-Money Laundering Advisor with The AML Shop. He assists clients in taking their AML compliance program to the next level by conducting effectiveness reviews, building compliance programs, and advising clients on navigating the regulatory landscape.