Back in June this year, all Real Estate Agents had to learn and be in compliance with the Anti-Terrorist and Money Laundering laws. The new regulations came into effect on June 23, 2008, targeting all professionals in the “money industry”, or those who deal with large cash transactions.
The rules applies to accountants, notaries, casinos, financial institutions, life insurance companies, dealers of precious stones and metals, securities dealers, and real estate professionals.
Real Estate developers were off the hook, up until next year. Effective february 20, 2009, all Real Estate Developers have an obligation to comply with the provisions of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
More information:
- Real Estate Developers And Money Laundering Law – What You Need To Know [Ottawa Business Journal]
- Agents: New Rules for Compliance with FINTRAC [Ontario Real Estate Source]
- To know more of the rules and regulations, visit FINTRAC’s website.
Did you find this article useful? Subscribe to the Montreal Real Estate Blog
Posted by: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 
Nice information all Real Estate Agents had to learn and be in compliance with the Anti-Terrorist and Money Laundering laws.
Increased compliance with the law by reporting entities through more robust detection and deterrence of non-compliance. This will be accomplished through a risk-based compliance program comprised of awareness activities, the monitoring of data quality, compliance questionnaires and examinations, and by taking appropriate remedial action when non-compliance is detected.We will continue to broaden our work with the many individuals and businesses that have been identified as reporting entities to ensure compliance with the law. The work of financial entities and institutions to implement strong compliance regimes significantly enhances the vigilance and scrutiny at the front lines, where financial transactions take place. The vigorous application of the compliance program's key elements will continue to be essential to our success.