On November 14, FINTRAC released a 12-page “Indicators of Money Laundering in Financial Transactions Related to Real Estate” Operational Brief to help you meet your obligations to report suspicious or attempted suspicious real estate transactions.
The document includes:
- an easy-to-use Table of Indicators with brief descriptions of nearly 40 indicators that brokerages can use to recognize and assess suspicious transactions
- scenarios which illustrate how a suspicious residential or commercial real estate transaction may proceed, resulting in reasonable grounds to suspect that the transaction may be part of an attempted money laundering offence.
Here are links to other information:
- overview of your FINTRAC reporting requirements from the Professional Standards Manual
- FINTRAC’s Guidelines
- CREA’s Money Laundering – FINTRAC Resources on REALTOR Link® (CREA is in the process of updating these materials.)