Finance committee  First, I would mention that the regulations already include some measures to encourage compliance, such as fines or AMPs. Also, recently specific obligations were introduced to basically require brokers and agents to document every step of the way. They're called “reasonable meas

Finance committee  We do recognize that there is an issue with money laundering in the real estate sector. We share the concerns when we see media reports in the news about money laundering in whatever city, in Vancouver or elsewhere in Canada. That concerns us. That is why we take very seriously t

Finance committee  There can be cases where penalties are warranted. We don't have a specific example where we would say that you should adjust it one way or the other, but I think it's important to recall the objective of this legislation, which is to detect and deter money laundering. The reporti

Finance committee  I think so, but they actually have given us some information. It has just been anecdotal, but if they feel they can't give us more without a legislative or regulatory amendment, then, yes, anything that would facilitate more of a two-way conversation would certainly be of benefit

Finance committee  There are a number of ways we could work better with FINTRAC, or FINTRAC could work better with us, in order to get to where everyone wants to go, which is fighting money laundering. You are correct. We recognize that there is money laundering in the real estate sector in Canad

Finance committee  Sure. Thank you for the question. The first comment that you made, that some of our members—honest, well-meaning members—find this onerous, is certainly correct. I brought this little brick here as an example. This is 555 pages of guidance and regulation and the act itself that

Finance committee  It does vary. The difficulty we have is we do hear anecdotes and stories, and I'll give you one example. We recently heard of a situation in which a B.C. member was examined and cited by FINTRAC. We don't know the full details. We talked to the member, and they were cited for wri

Finance committee  Exactly. We've asked them many times how we can help them and for them to show us over time where our members are struggling. We said that we could use our resources and that they could leverage us to help communicate that to our members. They've given us snapshots and said, “We