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As of February 20, 2009, all new home builders and developers will have to comply with record-keeping and reporting requirements under the federal Proceeds of Crime (Money Laundering) and Anti-Terrorist Financing Act.
These requirements are managed by
FINTRAC
(Financial Transactions and Reports Analysis Centre of Canada).
For the vast majority of new home sales, FINTRAC requirements
should not cause significant difficulties. However, in some situations, you will be required to report transactions to FINTRAC.
As well, you will need to set up appropriate compliance measures in your company and ensure everyone involved in your sales process understands what is required by FINTRAC.
The regulations under the Act are complex and as you can expect, the information provided to our industry by FINTRAC is not as straightforward as was requested by CHBA.
CHBA has created an information website.
In order to assist members in understanding what FINTRAC requires, and how to implement the necessary measures in your company, the Association has developed a FINTRAC information website at:
www.chba.ca/fintrac
Links to relevant documents are provided in the CHBA website.
In an effort to reduce the uncertainty about how FINTRAC requirements affect how new home builders and developers do business, the CHBA has been submitting specific questions to FINTRAC for clarification. These questions, and FINTRAC's responses, can be found in the "Examples" and "FAQ" sections of the website.
Should you submit a specific question to FINTRAC, CHBA asks that you copy David Foster, CHBA's FINTRAC staffperson, on the correspondence.
While CHBA is not in a position to answer such questions, this will allow them to monitor developments and keep the website contect as up-to-date as possible.
You are also encouraged to contact the CHBA FINTRAC staffperson on any matters of concern: David Foster: T: 613-230-3060, E:
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