Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) has released updated guidance that will impact how real estate professionals verify client identity and maintain records under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“PCMLTFA”). These guidelines took effect October 1, 2025. Managing brokers are encouraged to review FINTRAC’s guidance to understand their obligations under federal legislation.  

Highlights from the update include:  

• Expanded use of agents or mandataries to verify identity of entities; 
• Clearer rules for acceptable identity verification methods, including remote authentication; 
• New requirements to verify and document unrepresented parties in real estate transactions; and 
• Enhanced recordkeeping standards, including retention of suspicious transaction reports and receipt of funds records for five years.  

For more information, visit FINTRAC’s guidance on Methods to Verify Identity and Record Keeping Requirements . You can also visit the Government of Canada’s updates on changes and amendments to the PCMLTFA and its Regulations.  

If you have questions related to this guidance, please contact FINTRAC by email at guidelines-lignesdirectrices@fintrac-canafe.gc.ca.