Real Estate Brokers & Developers
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act applies to
- Licensed real estate brokers and real estate sales representatives when they act as an agent in the purchase or sale of real estate.
- Real estate developers when they sell a new residential home, commercial or industrial building, or multi-unit residential building.
The obligations for real estate developers only apply if, in any calendar year after 2007, the developer sold to the public:
- At least five new houses or condominium units;
- At least one new commercial or industrial building;
- At least one new multi-unit residential building with five or more residential units; or
- At least two new multi-unit residential buildings that together have five or more residential units.
Employees of real estate sales representatives, real estate brokers and real estate developers are not responsible for the reporting obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act except with respect to reporting suspicious transactions and terrorist property.