As of April 1, changes are coming to Canada’s Anti-Money Laundering laws, including the removal of temporary COVID-19 measures.

The following measures expire on March 31:

Transition period ending

On June 1, 2021 amendments were made to the laws governing Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime to help improve Canada’s security and protect the Canadian Economy.

FINTRAC allowed a transitionary period of 10 months to allow reporting entities to become familiar with the amendments, new requirements and adjust their compliance programs to align with the updated expectations.

As that transition period ends on March 31, 2022, any FINTRAC examinations will be conducted with the expectations that REALTORS^® and Brokerages are abiding by the amended legislation.

Temporary COVID-19 measures are expiring

At the onset of COVID-19 in March 2020, FINTRAC announced temporary measures to assist REALTORS^® and clients in completing the required identification verification including the use of expired documents and using virtual platforms to complete a person’s ID verification.

As we continue to see public health measures lifted, the temporary measures are being withdrawn by FINTRAC.

Effective April 1, members will need to verify client identity using one of the methods deemed acceptable by FINTRAC.

Please note, FINTRAC states, “it is not enough to only view a person and their government-issued photo identification document through a video conference or another type of virtual application”.

If you have questions about these updated FINTRAC requirements, please contact your brokerage for more information on your Brokerage Compliance Policies and Procedures.