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FinTRAC beefs up efforts on realtors’ education

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Ephraim Vecina | 15 Apr 2016, 08:15 AM Agree 0
Steps taken by the agency are meant to improve the real estate industry’s compliance to existing regulations, according to a series of documents
  • Thomas M. | 15 Apr 2016, 09:49 AM Agree 0
    I went through a FINTRAC audit last summer. It ruined a few weeks of my summer. This agency doesn't know what it is doing when it comes to our industry. They dragged us around for a month, made us fearful for no reason at all, and actually, at one point stated that our forms as supplied by CREA were insufficient and non compliant. When I challenged this guy to the senior team and to CREA, he backed down. Bully tactics. And what is this useless 4 page identification document? Most paragraphs are not applicable in 99% of deals. Should be a simplified process...unless you suspect there is a reason to have more detail. I am pretty sure this is just a big make work project for the government. Im all for stopping terrorism and money laundering, but I should not have to become a police investigator to do my job. We do our best to stay compliant and train our staff, but this organization is severely flawed.
  • | 15 Apr 2016, 11:51 AM Agree 0
    Well said 100% agree! layering of the political agenda is chronic, more people trying to control the industry then actually working in it, some real change needed.
  • Bill Johnston | 15 Apr 2016, 03:09 PM Agree 0
    I entered the real estate brokerage business so I could be a tax collector (HST) and spy (FINTRAC) for the federal government. Didn't you? :) Downloading money laundering and terrorist detection obligations onto thousands of brokerages, financial institutions, jewelers, and others is among the stupidest things the Harper government did. I am all for nabbing terrorists and money launderers, but the job should be assigned to professionals (e.g. RCMP, CSIS, etc.), not amateurs.
  • Doug Moxam | 15 Apr 2016, 03:19 PM Agree 0
    I also agree 100% we had an audit done three years ago and same think, they scared the heck out of our administers with threats of fines and even shutting us down and we had all the fintrac forms from crea. We just finished another full week of doing there work for them so our office will as they say comply. (a waste of time and money) hope Crea or whoever is in charge of this mess gets it sorted. And yes it was also a guy that came to my office. No class what so ever.
  • m.gruber | 25 Apr 2016, 12:01 PM Agree 0
    Trying to be compliant truly shows what insanity in the workplace really looks like! This issue has been brought to our door step because the lawyers just don't want to do it ( privacy matters, we just can't, they would say). Money and identification is and will always be best exchanged at a lawyer's office with a competent legal trained mind.
  • 30 year veteran | 25 Apr 2016, 06:01 PM Agree 1
    No matter what these FINTRAC clowns come up with, the hackers/ crooks and bad actors have already figured out a way around it.
    Just because FINTRAC has us fill out a few (ha,ha) forms, like that's really going to deter the bad guys.. They are so far ahead of the game, it's not funny.
  • Najib | 26 Apr 2016, 09:05 PM Agree 0
    waste of time, waste of money, waste of paper and useless. We are not even been paid for. Perhaps we should change our title to Realpolicetor.
  • Barbara | 29 Apr 2016, 02:31 PM Agree 0
    I went thru a FINTRAC audit a couple of years ago. It was a disaster. This agency made me feel like I was being interrogated. This agency made me so fearful for no reason at all, that I almost called it quits after 25 years in the business. At one point they stated that the forms that were supplied by CREA were insufficient and non compliant. Then there is the threats of fines if you do not get the compliance and paperwork correct. I made various complaints to my board and CREA to try and get more compliant information on forms and also more education in order to comply. I believe there is more information being provided now.

    I am not qualified to be a policy maker, profiler or investigator. I am a professional realtor. I do my best to stay compliant and train our staff to know who they are Working with- Know your clients and customers.
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