The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) published compliance guidance setting out record-keeping requirements for real estate brokers or sales representatives when acting as an agent or mandatary in real estate purchases or sales, and for real estate developers when selling specified new residential and commercial properties to the public (with additional scope for incorporated developers acting on their own behalf or for subsidiaries or affiliates). The guidance specifies the records that must be kept, minimum content standards, retention periods, how records must be maintained and produced, and the key exceptions. Required records include copies of all reports submitted to FINTRAC (Suspicious Transaction Reports, Listed Person or Entity Property Reports, Large Cash Transaction Reports and Large Virtual Currency Transaction Reports), large cash transaction records when CAD 10,000 or more is received in a single transaction, large virtual currency transaction records when virtual currency equivalent to CAD 10,000 or more is received in a single transaction, receipt of funds records for funds received in any amount, and information records for each relevant person or entity (including unrepresented parties in a transaction). Copies of suspicious transaction and listed person or entity property reports must be retained for at least five years after submission, while large cash and large virtual currency report copies and the underlying large cash, large virtual currency and receipt of funds records must be retained for at least five years from creation; information records must be retained for five years from the day the last business transaction was conducted. Records must be kept in a form that can be provided to FINTRAC within 30 days of a request, and may be maintained electronically provided a paper copy can be readily produced; the guidance also sets rules for records held by employees or contractors and outlines exemptions, including where information is already captured in other records, certain transactions involving financial entities or public bodies, public bodies and very large corporations or trusts (and consolidated subsidiaries), and limited virtual currency validation-related scenarios.
Financial Transactions and Reports Analysis Centre of Canada 2025-09-15
Financial Transactions and Reports Analysis Centre of Canada issues record-keeping compliance guidance for real estate brokers and developers
FINTRAC issued compliance guidance on record-keeping for real estate brokers, sales representatives, and developers. It details necessary records, including reports to FINTRAC, transaction records over CAD 10,000, and retention periods of at least five years, specifying maintenance and production methods, with certain exemptions.