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Real estate must do more on anti-money laundering says FinTRAC

by Steve Randall on 03 Mar 2020

Training and identification regimes designed to combat money laundering in the real estate industry have some way to go according to a report.

Global News says it has seen an internal report from the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC) which shows that just 52% of real estate firms are compliant on training employees to spot the signs of potential money laundering; and 53% on identifying clients.

The news organization obtained the report under access to information laws.

The report covers a wide geographical area including Vancouver and BC’s Lower Mainland; the Greater Toronto Area; and Montreal.

Former FinTRAC intelligence officer Matt McGuire says that not picking up on suspicious behaviour that could suggest money laundering where there are limited facts, but he says that not identifying clients based on a simple set of rules is “sloppiness”.

The British Columbia Real Estate Association has called for greater federal and provincial cooperation to help combat money laundering in the province.

The association made its opening statement to the Cullen Commission’s inquiry into money laundering in the real estate industry last week.



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