Among other violations, the real estate brokerage failed to develop and maintain a written and ongoing training program for its staff on anti-money laundering.
B.C. real estate brokerage firm LeHomes Realty has been fined $282,397 for not complying with the Proceeds of Crime and Terrorist Financing Act.
Numerous other violations were found.
As New Coast Realty, the brokerage was scrutinized by the Globe and Mail, which exposed alleged shadow flipping activity in 2016. The Commission of Inquiry into Money Laundering in B.C. found real estate to be vulnerable to money laundering, although it made no conclusion as to the extent such activity impacts home prices.
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