What REALTORS® Need to Know About FINTRAC Compliance
CREA launches new course for real estate professionals.
Understanding your legal obligations to prevent and report money laundering is an important part of being a real estate professional. To make it easier for REALTORS® to keep up to date, and test their knowledge, CREA’s Learning Hub has recently launched a new course, Anti-Money Laundering (FINTRAC) Obligations for Brokers and Sales Representatives.
Available in both official languages, this course provides essential guidance for REALTORS® and brokers to fulfil several obligations under Canada’s federal money laundering and anti-terrorist financing legislation, the Proceeds of Crime (Money Laundering) and Terrorism Financing Act (PCMLTFA) and regulations.
Included as a part of your membership with the Canadian Real Estate Association (CREA), the course is divided into six modules and takes a total of six hours to complete. Its eLearning format allows participants to learn at their own pace.
By the end of the course, you’ll be able to:
- understand your Know-Your-Client obligations, such as verifying identity;
- acknowledge your reporting obligations, such as when to file, how to file, and what exactly each report is;
- recognize your record keeping obligations under the law;
- comprehend a broker’s compliance program obligations and understand how sales representatives can fulfil their responsibilities in ensuring that the compliance program is properly implemented; and
- understand ministerial directive’s role in protecting Canada’s financial system.
Helpful information for brokers
By utilizing CREA’s Brokerage Hub, you can assign and track progress and completion of this course and more, in one centralized location. Take advantage of CREA’s top-of-the-line Learning Management System to deliver specific learning plans for your team, at a fraction of what this type of technology typically costs.
For more information on the Brokerage Hub, contact Mike Lomond (mlomond@CREA.ca), CREA’s Learning Management System Manager.
Tell us what you think!
About CREA’s Learning Hub
CREA’s Learning Hub is our learning management system, available to all REALTOR® members as well as board/association staff. The Learning Hub offers free courses and webinars tailored to the needs of REALTORS® on topics ranging from marketing to CREA WEBForms®, as well as opportunities to earn professional development certificates to showcase your expertise to potential clients.
