A new money laundering course will soon be mandatory for all realtors in the province.
CEO of the Real Estate Council of BC Erin Seeley says it will be a requirement for those renewing their license after April 1, 2020. “And really help educate real estate professionals on what to look for, the red flags are, how to take careful notes and how to report more effectively to the federal government.”
Speaking on The Jeff Andreas Show, Seeley says this course will help teach signs of suspicious activity. “Some of the red flags that we talk about in the course include things like the use of unregulated lenders or making a purchase without a mortgage or the use of corporations or nominees or trustees. So that means one person purchasing the property and potentially someone else is going to benefit from that purchase.”
Seeley says it is an online course and it is a companion to other training that realtors would receive. “Because the real estate profession has had a long standing requirement to report suspicious activity to SYNDTRAK, the federal agency responsible for collecting that intelligence. What this course does is talk more about the complexity of the issue and dispel some of the myths about money laundering. It is not just about bags of cash.”
Listen to the entire interview below.