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Anti-Money Laundering and Real Estate

Anti-Money Laundering and Real Estate

Managing the Evolving Regulatory Landscape

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Lorne Burns

National Industry Leader, Building, Construction & Real Estate

KPMG in Canada

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Canada's Proceeds of Crime (Money Laundering) and Terrorism Financing Act (the 'PCMLTFA' or 'AML Act') currently places a range of compliance and reporting obligations on a wide variety of entities, including real estate developers, brokers and sales representatives. Failure to comply with the AML Act can lead to serious consequences, including administrative penalties enforced by FINTRAC – Canada's Anti-Money Laundering (AML) "watchdog" and damaging reputational risks. Additionally, obligations under the AML Act continue to grow, with the latest amendments to the AML Act proposed in June 2018, further tightening compliance requirements.

In this piece, we take a look at the continued push towards fighting financial crime and terrorism, and the regulatory focus on deterring money laundering and the financing of terrorism.

Download the report and stay tuned for more on AML in Real Estate.

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