Duhaime's Financial Crime & Anti-Money Laundering Law in Canada

Real estate brokers, real estate sales representatives and real estate developers must have a compliance regime that includes:

• The appointment of a compliance officer for the real estate broker, real estate sales representative or real estate developer.
• Written policies and procedures describing, among other things, how the organization will meet its obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
• An assessment of the risks of money laundering and terrorist financing, and measures to mitigate high risks identified for the real estate broker, real estate sales representative or real estate developer.
• A training program on the organization’s anti-money laundering obligations and the compliance program.
• A review of the effectiveness of the compliance program, training program and risk assessment for the real estate broker, real estate sales representative or real estate developer.