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Mortgage Broker News | 20 Apr 2016, 08:15 AM Agree 0
Amid tighter rules, FinTRAC should address policy questions as clearly as possible, according to a CREA official
  • Michael Hemmings | 20 Apr 2016, 11:21 AM Agree 0
    It's curious. In the financial services world we are stringently monitored for compliance at multiple levels, as we should be given both the potential for not just inadvertent but purposeful non compliant activities. How is it that the real estate world has escaped similar ongoing scrutiny? Could it possibly be that there is a significant self interest in the real estate industry that fuels a reluctance to engage watchdogs like fintrac?
  • Evan | 20 Apr 2016, 11:41 AM Agree 0
    Is it FINTRAC not doing their part, or is it the Realtor?

    If a buyer comes up and says I have 1 million cash to buy a house, is the Realtor actually doing the required reporting?

    I would bet that 99.9% of the time... they are not. Why? Too focused on the big commission cheque.
  • Oliver | 20 Apr 2016, 10:48 PM Agree 0
    FinTrac reporting is mandatory and we hard working realtors won't receive our commission cheque unless all paperwork has been submitted to the brokerage. You clearly don't know what your talking about and are quick to be ignorant.
  • G. Stuart | 21 Apr 2016, 04:11 PM Agree 0
    Read the most recent 41-page guideline to "suspicious activities" from FINTRAC. http://www.fintrac-canafe.gc.ca/publications/guide/Guide2/2-eng.pdf to see how suspicious every single reader here past the age of majority is in the eyes of our lords and masters on the Rideau.

    The Stasi had nothing on these guys 'n gals.

    Note how evading the "laws" of human rights dictatorships by "money laundering" is a crime in Canada. Wouldn't want to upset those paragons of virtue Xi Jinping or Robert Mugabe now would we? Prime Minister Selfie certainly wouldn't.
  • Mike | 22 Apr 2016, 10:24 AM Agree 0
    @Oliver You are wrong, not all realtors are doing the correct reporting to FINTRAC, that is exactly the issue at hand.

    If it was being done, none of the media would be happening around all the money flowing into Canada on real estate transactions that is NOT being reported.

    If Evan didn't know what he was talking about... why is it a fact that in Vancouver most realtors are NOT reporting to FINTRAC?

    It would seem to me that you are the one who is ignorant.
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