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Fintrac found 'significant' deficiencies at nearly 500 real estate firms

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Canadian Realestate Magazine | 14 Sep 2016, 09:08 AM Agree 0
Canada's anti-money laundering agency conducted on-site examinations of more than 800 real estate companies over four-and-a-half years and found ``significant'' or ``very significant'' deficiencies during 60 per cent of those visits, new data shows.
  • Cal | 18 Sep 2016, 04:46 PM Agree 0
    It would be helpful as CREA has stated if FINTRAC would be forthcoming to our industry and let us know what the "significant and very significant deficiencies" are. Our real estate firm has been audited three times and from our experience I would suggest that 90% of all the deficiencies are very minor such as, a missed date, an expired drivers license or an occupancy listed as sales or business person. most real estate firms are diligent in making sure they ID the client. We keep hearing how easy it is to use real estate agents to launder money with large cash transfers. In 28 years of selling residential real estate and in managing real estate companies I have never seen a deposit given in cash. The deposit in a real estate transaction comes in the form of a bank draft or certified cheque. So if it is laundered money it has already gone through the banking system before it reaches the real estate broker.
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