Real estate firms in Vancouver are in the spotlight following a report by the Financial Transactions and Reports Analysis Centre (FinTRAC) which says it has found “significant” or “very significant” compliance deficiencies in the past year.
The Globe and Mail reports that around 60 real estate brokerages may not be fully compliant with the laws designed to identify potential money laundering. FinTRAC spokesman Darren Gibb warned “The real estate sector is highly vulnerable to money laundering.”
Some of the most serious breaches of the rules are likely to result in enforcement action including fines, Gibb said.
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