March 18, 2016
Scores of real estate firms in Greater Vancouver aren’t complying with federal anti-money laundering regulations that compel them to identify clients and keep precise records, according to the federal agency that enforces these laws. Last summer, the Financial Transactions and Reports Analysis Centre (FINTRAC) began to look closely at the real estate sector in Vancouver, quadrupling the number of examinations it carries out.
It said examiners visited more than 80 real estate firms, and found dozens of instances where they failed to comply with federal regulations. FINTRAC spokesman Darren Gibb said the agency found that in 55 cases, the real estate firms’ practices were “significantly” below standards.
As a result, Gibb said Vancouver’s real estate market “is at risk for being used for money laundering.”