Anti-money laundering obligations for real estate brokers

FINTRAC has increased audits of real estate companies. During the last two years, it conducted 343 real estate audits across the country, a significant increase from the number of annual examinations conducted between 2012 and 2016.

Given the context, it may be a prudent for brokers to review their compliance programs to ensure they are up to date and comply with the legislation. REM covered five basic compliance program requirements based on the FINTRAC guidelines  and some of the pitfalls brokers may face in their implementation on June 11, 2018. Read the full column from REM here.

Paul Pimentel, a lawyer in the Real Estate Group at Dentons LLP shared the column with REM. His practice focuses on real estate financing, commercial leasing and the acquisition and disposition of commercial real estate.

More information:

We also published an article in NewsReal about “How to avoid common FINTRAC audit issues” on March 12, 2018.