FINTRAC Discovers Significant Non-Compliance From Study
Based on a report by the anti-money laundering watchdog, a majority of the real estate firms in the British Columbia had failed to act in accordance with the finance code of practice and procedures.
220 real estate companies were observed by FINTRAC in the province for a period of four years, from the year 2012 to the summer of 2016. There was a high-level defiance that was discovered in most of them, 5 showed to be very important while 177 were significant non-compliance.
The report by the watchdog noted: “FINTRAC, through its compliance examinations, has observed deficiencies in most aspects of the real estate sector’s compliance programs, that render it more vulnerable to being used by criminals to launder illicit funds.” FINTRACT has had their investigation increased to a higher level over the past year in BC.