Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Property»Fintrac fines West Vancouver real estate brokerage $83K
    Property

    Fintrac fines West Vancouver real estate brokerage $83K

    July 17, 20243 Mins Read


    West Vancouver brokerage among 12 entities fined by Fintrac in 2023/2024 for non-compliance of anti-money laundering and terrorist financing policies

    The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has fined West Vancouver real estate firm RE/MAX Masters Realty $83,655 for five compliance violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

    In 2021, investigators for the financial regulator — whose mandate is to detect and deter money laundering and terrorist financing — found numerous documentation deficiencies, according to a July 16 public notice of administrative proceedings.

    Fintrac determined Masters was not documenting enough information to properly assess money laundering risks.

    In one transaction, Masters failed to record receipt of funds. Another two instances included not documenting a client’s principal business in addition to one instance where occupation was “insufficiently” detailed.

    “Masters Realty (2000) Ltd. failed to institute and document the prescribed review of its compliance program to test the effectiveness of its policies and procedures, risk assessment and training program,” the notice states.

    Masters also “failed to keep prescribed identification information in client information records,” including failing to record the identification information of two persons who provided funds.

    Masters managing brokers are listed by the B.C. Financial Services Authority (BCFSA) as Chih-Ling Cheng, Adrienne MacKay Hewett and Daniel Sean McCarthy. Its teams include: Ballard 360 Team; Bowen Island Real Estate Group; Cartocci Real Estate Group; DK Group; Jill Wiersma & Lauren Kent; Matt Gul Group; Navid Hakimi Group; NextGen Property Management Group; Penny Mitchell Group; Stenson Murphy & Montgomery; Sycamore Property Management Group; Whittall Real Estate Team.

    BCFSA does not have any conditions placed on Masters as of July 16.

    In announcing the fine, Fintrac also touted its record in the last year, noting “in 2023-24, Fintrac issued 12 notices of violation of non-compliance to businesses for a total of $26,115,999.50.”

    One of those 12 notices is for Toronto Dominion Bank — a $9.2-million fine for anti-money laundering (AML) violations.

    TD Bank is also being investigated in the U.S. for AML violations and reportedly faces up to $4 billion in fines, although Reuters has reported the bank has set aside $450 million for the proceedings it faces.

    Despite being unable to determine the exact impact money laundering has on home prices, the real estate sector was of top concern to the Commission of Inquiry into Money Laundering in B.C. based on its June 2022 final report.

    Of the 101 recommendations Commissioner Austin Cullen made in his final report, 40 are directly related to real estate, and several others are ancillary, such as proposals to strengthen AML policies within financial institutions and the asset forfeiture legal regime, as well as greater controls on notaries and lawyers, who process transactions.

    [email protected]





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Cottonwood Group Raises $1B for Real Estate Investments

    Property

    One of UK’s thinnest homes on sale for £75,000 with tiny bedroom

    Property

    Southern property market struggling – PropertyWire

    Property

    ‘This seaside town is Devon’s Dubai – there’s nowhere in the UK like it’

    Property

    New Reality Show Explores the Hidden World of Commercial Real Estate

    Property

    I’m a mortgage broker. This is the purchase first-time home buyers MUST avoid if they want to secure a property in a market that’s about to explode

    Property
    Leave A Reply Cancel Reply

    Top Picks
    Cryptocurrency

    China pushes for a multipolar currency order as dollar dominance shows cracks in a fragmented world economy

    Investments

    Avec le photographe David Meshki, l’athlète dans les nuages – Libération

    Commodities

    OVO Energy announces ‘critical’ update that will benefit millions of UK customers

    Editors Picks

    Hong Kong fintech start-up offers loans to unpaid subcontractors amid building slump

    August 26, 2024

    Dubai, Greece dominate as Turks boost overseas property investments

    March 31, 2025

    Among the Most Profitable Cryptocurrency Stocks To Buy Now

    October 19, 2024

    BNP Paribas Real Estate signe un partenariat de construction durable avec Woodoo

    March 20, 2025
    What's Hot

    UK Investors alerted to 4.5% yield and 10% capital ap…

    July 22, 2024

    New Cryptocurrency Releases, Listings, & Presales Today – DePhyneAI, AURO Finance, GPUAI

    July 12, 2025

    LondonMetric Property inscrit de nouvelles actions pour le rachat de Highcroft Investments

    May 22, 2025
    Our Picks

    Gold Hits New Record Above $3,350 as Safe-Haven Demand Surges Amid Escalating Trade Tensions – Business – Gold and Currency

    April 16, 2025

    FEATURE: Brazil hopes to step up efforts to launch compliance carbon market by COP30

    October 18, 2024

    Future FinTech Group Inc – Rétablit sa conformité avec le cours plancher du Nasdaq – Dépôt auprès de la SEC

    April 29, 2025
    Weekly Top

    Sunbeth Global Concepts secures top credit score amid growth surge 

    September 15, 2025

    Techopia Live @ Tech Tuesday: Pulse Check on Technology in Healthcare Innovation

    September 15, 2025

    The best apps to invest your cash in TODAY to turn £10-a-week into £15,000 without even noticing it

    September 15, 2025
    Editor's Pick

    Why I Keep Buying More Shares of This Amazing 5%-Yielding Dividend Stock

    October 20, 2024

    Agricultural Commissioner Kent Leonhardt issues ‘Food is Medicine’ proclamation in partnership with ARH

    August 27, 2025

    pour Adam Silver, il n’y a pas de lien entre le nombre de matchs et les blessures

    June 6, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.