The financial transactions tracking agency is working with realtors to try to curb money laundering operations using the industry but CREA says there is more that the agency needs to do.
Documents obtained by the Canadian Press under an access-to-information request shows that the agency is concerned at the low levels of compliance in the industry and has been working with the Canadian Real Estate Association to provide better education for agents.
"What we have found more generally in the real estate sector are issues with compliance regimes, policies and procedures, training, as well as record-keeping and reporting," Fintrac spokeswoman Renee Bercier told the CBC.
Meanwhile CREA’s Randall MaCauley responded that there is scope for Fintrac to work with the industry and noted that CREA has made significant investment in helping realtors comply with the law but said that Fintrac needed to do more to clarify regulations, which are open to interpretation.
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