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In the world of finance and compliance, staying up-to-date with regulatory changes is essential. Recently, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has rolled out some crucial updates that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) need to be aware of. These changes involve the implementation of a new La…

Hey there, future real estate investor! 🏡 Thinking about diving into the property market? It’s all about making the right choices. Let’s break down the pros and cons of various rental properties to help you find your perfect match. 1. Short-Term Vacation Rentals: The Premium Choice Imagine a charming beachfront villa or a stylish city loft. Short-term vacation rentals can fetch higher ren…

The Bank of Canada has decided to hit the brakes on interest rate hikes, maintaining its policy rate at the current level. This move reflects the belief that the economy is slowing down enough to warrant no further immediate action. In their announcement on September 6th, the central bank revealed that they were keeping the overnight rate steady at 5.0%. This decision comes after a series of…

FINTRAC has released the fifth of a series of videos, focusing on the prescribed methods for verifying the identity of individuals or entities. This particular video demonstrates the utilization of the reliance method. All businesses falling under the purview of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations are obligated to verify the iden…

The Government of Canada has launched a public consultation to strengthen the country’s Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) Regime. This consultation is part of a parliamentary review of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The government is seeking feedback from various stakeholders, including experts, civil society groups, go…

Home sales in Metro Vancouver are on the rise, and prices continue to increase. Despite a decrease in sales compared to last year, homebuyers are returning with confidence after a challenging period. The limited supply of homes is creating competitive conditions and driving price escalation. The current market shows a rebound in sales, with prices already up by 5% year-to-date. The MLS® Home Pr…

FINTRAC publishes the fourth of a series of videos on prescribed methods that can be used to verify the identity of a person or an entity. This video explains how to use the affiliate or member method. To learn more, watch the video on Verifying the identity of a client: Affiliate or member method and refer to FINTRAC’s guidance on the Methods to verify the identity of persons and entities.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has issued a fraud alert to warn the public about scams and fraudulent activities that try to obtain personal and financial information by imitating government services, including FINTRAC. The alert highlights that FINTRAC will never contact members of the general public to obtain personal or financial information, and i…

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) provides guidance and directives for businesses subject to anti-money laundering and terrorist financing regulations in Canada. Their website offers valuable information on reporting requirements, compliance best practices, and resources for reporting suspicious transactions. If you’re looking to stay up-to-date with cha…