Parent firm LeHomes Realty has been fined over half a million dollars for two breaches; Cathay Pacific Realty Ltd. was fined $206,250.
The Financial Transactions and Reports Analysis Centre of Canada recently announced two B.C. real estate brokerage firms have been fined for anti-money laundering violations.FINTRAC announced Oct. 13 an administrative monetary penalty of $275,385 on LaBoutique Realty Ltd., also operating as LeHomes Realty First in Vancouver.
The firm was found to have also failed to submit a large cash transaction report for the receipt of $10,000 or more in cash and had no appointed person responsible for a compliance program. LeHomes, formerly known as New Coast Realty, has a history of regulatory findings against it. and had another of its subsidiaries fined this year.On Oct. 18, FINTRAC announced brokerage firm Cathay Pacific Realty Ltd. was fined $206,250 for non-compliance with anti-money laundering laws.
Of the 101 recommendations Commissioner Austin Cullen made in his June 15 final report, 40 are directly related to real estate, and several others are ancillary, such as proposals to strengthen AML policies within financial institutions and the asset forfeiture legal regime, as well as greater controls on notaries and lawyers, who process transactions.
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