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85 real estate firms not compliant with anti-money laundering rules

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Real Estate Professional | 24 May 2016, 09:44 AM Agree 0
At least 85 real estate companies have not implemented a plan showing how they are trying to detect money laundering and other suspicious transactions, nearly 15 years after they were required to do so
  • | 24 May 2016, 10:39 AM Agree 0
    I would rather see how many money launderers they have found through their fintrak practises
  • Abbas | 24 May 2016, 11:11 AM Agree 0
    I agree. It would be interesting to know if they ever found any money launderer ever since FINTRAC came into effect.
  • name withheld | 24 May 2016, 11:47 AM Agree 0
    Fintac is basically asking Realtors to spy on our own clients. It makes me think that the Iron curtain never came down and the Stasi are now in charge and asking us all to be snitches. I would like to actually see a cost analysts of Fintrac and see how effective it is.
  • William | 24 May 2016, 12:47 PM Agree 0
    ...I'd like to know who these co.'s are as we have to complete our Fintracs if we want to be paid on our deals. It's mandatory. And exactly what are we supposed to do? I get occupation, dr. lic., date of birth etc. etc. from my clients or corp. info if it's a co., but what other investigations are we supposed to carry out? Think about it - the only financial item a realtor actually deals with is the deposit draft, which is effectively cash. That comes from a financial institution. Does the fin. inst. do its DD on their clients? When $5M appears from China in a client's bank account does the fin. inst. ask where it came from? That's the question we should be asking. I get basic personal or corp. info from my clients but what other investigation am I supposed to carry out? We can't accept hard cash. If I have a commercial lease client the LL does a credit check on them, but how far is a realtor supposed to go and why are the banks etc. left off the hook here?? It's THEIR job to know where their clients' funds emanate from, not ours...
  • John | 24 May 2016, 12:51 PM Agree 0
    Let's see, a government run program designed to make realtors act like cops and become liable for it if I just happen to be a dumb, stupid detective and don't/shouldn't care about other peoples money. i certainly shouldn't have to pay to perform a job which because of inexperience or ineptitude I would put my own career in jeopardy by offending unnecessarily or by missing some clue which may have led to a criminal charge. Give me a break. We already do the work of the CRA in collecting HST for them for free, now we are going to police our clients too?
  • | 24 May 2016, 01:23 PM Agree 0
    How about the investigations of banks and financial institutions in Canada knowingly receiving more than the $50,000 Dollars max. allowed to leave China for every Chinese family? The law is common knowledge, yet Canada receives millions of dollars from the East, from the same individuals...other wise how could they purchase R.E. property cash here in Canada? However, I suppose the amount of Bank Admin. transfer fees coming in may be the best reason yet..not to look too closely at this obvious breach of international law. ...that being " knowingly participating in a crime after the fact." However, as the RBC is also involved in the LIBOR scandal, perhaps we are already know the answer!
  • no | 24 May 2016, 02:59 PM Agree 0
    This is a costly and wasteful exercise. I too would like to see how many Money Launderers were apprehended. Looking at the fines, it seems that the Real Estate entities are supporting this along with the tax payer. Can you imagine the amount of paper that is wasted completing this process? There are a MINIMUM of 5 pages per each individual buyer on the Purchase Agreement and more if a Corporation is purchasing.
  • | 25 May 2016, 05:14 PM Agree 0
    I cant see why its a big deal. We comply with the Fintrac reporting and we explain to clients its a federal requirement for all buyers and sellers.
    If it stops criminal activity in our country why is this a bad thing? Our offices insists on having the required paperwork or they do not issue the commission cheque until they have it. I cant believe there is such non compliance allowed to go on. That's the brokers fault and they should be fined and the agents too!
  • | 26 May 2016, 03:14 PM Agree 0
    This has been the biggest waste of every bodies time and effort and paper, but what do you expect. It's government.
  • Greg McDonald | 29 May 2016, 02:52 PM Agree 0
    I think it is very important to find and stop Money Laundering and Terrorist Financing! BUT I do not think this will do anything to achieve any results. I too would like Fintrac to prove to me that this helps in even the slightest way. I also would like the CREA to explain way they would think that this is a Realtors job to find Criminals and Terrorist. ( I believe it is every Canadians responsibility to report Criminal activity, IF we Know about it. And IF we think the authority's will do anything about it!) However filling out end less forms that no one will ever see IS a complete waste of my precious time. I fill out the forms only because I have a strong wish to comply with the Law and I would like to help. BUT I do not agree with it! I would like to change it! There is a lot of things I would like to change. I do not have time! I am working too hard just to make a living. But IF my opinion counts with all the others I see. Why is the CREA not changing this waste of time for Realtor in Canada.
  • | 30 May 2016, 09:55 PM Agree 0
    there is so much to do in real estate it is unfair to add another end to all the work we have to do, this should be up to the lawyers as they are legal experts and much better suited to decide the ramifications, the necessity and worth of scrutiny in a legal professional and interpretation to report than anybody else and if not them the banks themselves would have much more information about the clients than even the lawyers would and therefore it is burdensome and not proactive and detrimental to doing business in multiple ways as how much information does a realtor have to burden the client with, and overwhelm them with, some clients are scared enough at the onset of even thinking of buying a home, and they sometime don't even like real estate agents to begin with, as we get paid far to much from their ideology and we do nothing for the big checks we get and take home, so they think, like it does not make sense to make us have to do this at all.
  • | 06 Jun 2016, 12:28 PM Agree 0
    I appreciate the government needs and should be looking to solve/track 'dirty' money, but I question how they are are
    attempting how/where to concentrate their efforts. I think banks would be a more informative area to focus on. The financial 'world' seems more into blocking everyday working people from obtaining financial support for buying realestate than protecting the market from 'dirty' money. Case in point: more often than not, first time or last time buyers can often afford a condo or manufactured home (bare land strata) but because CMHC will not finance a age restricted strata, banks will not offer a mortgage. CMHC claims the restriction limits their ellagible sales market in the event of foreclosure . They stick to this mind set even when the buyer has a substantial down payment. The government would rather see these people pay in excess of $1200-$1500 per month rent than assist in them securing a fair mortgage for substantially lower monthly mortgage payments. In my opinion the banks and government (CMHC) should spend more time helping our Canadian citizens, than seeking 'dirty' money via Fintrack. How many times has Fintrack actually accomplished anything more than profiling people. An act that is totally against our Canadian way.
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