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Hamilton Real Estate Broker Fined For Not Tracking Finances
In recent years the issues of money laundering and financing of terrorist groups has become huge in the world of global fraud.
And as anybody who follows Rainbow Investigations knows, real estate fraud is the fraud of this decade.
A number of business sectors in Canada are required to keep records, identify clients, and maintain compliance regimes to the newly formed Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under the statutes of Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). The affected business sectors include banking, life insurance, trusts, securities, real estate, casinos, credit unions amoung others.
In this case, a Hamilton real estate brokerage failed to do so, and was fined $27,000.
To read the story from FINTRAC, click here.
Date of Story: Friday, March 05, 2010
Story Posted By: Ron Reinhold
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