A B.C. real estate brokerage has been granted the opportunity to appeal a $156,750 fine for non-compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
A federal court judge in Ottawa ruled on April 10 the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) committed errors in assessing the penalty against Re/Max Kelowna, registered as Norwich Real Estate Services Inc. The brokerage does not deny it failed to report a suspicious transaction related to an international stock fraud scheme orchestrated from Vancouver between 2011 and 2019.
The brokerage failed to report the sale of two properties in Kelowna and Big White Resort when, as Fintrac asserted, “there were reasonable grounds
→ Continue reading at BIV