On February 19, UDI invites you to join us for an important discussion on the importance and legal requirement of FINTRAC compliance within your organization. This breakfast session will provide an overview of FINTRAC’s processes and how to ensure your team is fully equipped to support and comply with it.
When first introduced, and its compliance mandated for tracking real estate transactions several years ago, FINTRAC’s relevance and importance in Vancouver’s real estate industry seemed a far-off concern. But with recent high profile reports and accusations of money laundering in Vancouver’s real estate sector via drug and gambling channels, the real estate industry in Vancouver is under more and more pressure to ensure it closes the door on any real and perceived investment from local and international nefarious sources.
Mark Sokolnicki, a Regional Compliance Officer (RCO) with FINTRAC, will provide critical information that you, your legal and real estate teams need now and in the upcoming year. Topics covered in the session will include:
FINTRAC’s examination process
Compliance gaps identified during examinations
How UDI members can best meet their reporting obligations under Proceeds of Crime (Money Laundering) and Terrorist Financing Act
How they can identify suspicious transactions
For all members whose organizations are impacted by FINTRAC requirements, this breakfast session is highly recommended.