AML Training
for Real Estate Professionals
Is your brokerage ready for FINTRAC?
The role that money laundering plays in Canada’s real estate sector has largely been ignored. Recent reports have highlighted how relaxed the enforcement of anti-money laundering (AML) requirements have been, with many significant loopholes in purchasing processes which have enabled the laundering of money through real estate to thrive.
In response, FINTRAC, Canada’s financial intelligence agency, has stepped up its supervision of the real estate industry. Increasingly, real estate developers, brokers, and sales representatives are being held to more stringent regulations, and must ensure they are in compliance with Canada’s AML regulations. Is your organization ready?
AML and Compliance Training
Today, compliance and training are a priority for every real estate developer, broker, and representative. Your brokerage is required under legislation to implement a compliance program which includes current and ongoing AML training. Securefact’s AML training application is designed to help real estate professionals to meet their obligations to deter and detect money laundering and terrorist financing activities.
Courses:
Securefact’s AML training covers the most important compliance topics for real estate professionals:
- AML Basics – The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and regulations identify real estate professionals’ AML responsibilities. This course details the AML compliance requirements in the real estate industry.
- AML Reporting – Real estate professionals are in a frontline position to detect and report activities and transactions which may be related to money laundering and terrorist financing. This course covers the role that real estate professionals play, and their responsibilities in AML reporting; additionally, this module demonstrates how required forms should be completed.
- AML and Risk Management – Evaluating exposure to risk from money laundering is a regulatory necessity. A risk-based approach analyzes the inherent risks in real estate operations including services, delivery channels, geographic locations, business relationships, etc., and develops strategies to mitigate them. This course is for Brokers, Managers, and AML Compliance Officers responsible for implementing an AML Compliance Program which includes Risk Assessment.
Assessments:
Each AML course is accompanied by an assessment which tests learners’ knowledge of the information covered in the course. Assessment results are included in aggregated reports for managers, and individualized reports for each real estate professional.
Videos:
Brief videos by industry experts cover additional topics of concern to real estate professionals:
- Digital Service and FINTRAC Requirements – Briefly explains how real estate professionals can remotely or digitally service their customers, and still meet FINTRAC requirements
- Verifying ID Remotely – Explains what to consider when trying to remotely verify identification, and how technology can help to accomplish this.
Audit-Ready Reporting:
The available AML training reports assure regulators that your organization is engaging in compliance training. Individualized reports contain a list of completed courses, and assessment scores for each real estate professional. An aggregated report for administrators lists the average and median scores of completed courses for all professionals in your organization, as well as the individuals’ scores and percentages completed.
Training Administration:
The administration of AML compliance training couldn’t be easier! Administrators can quickly add users to get them up and learning in the application, but can also view the training progress and average course scores, all through a single screen.
