The Real Estate Council of British Columbia has become the first industry regulator in Canada to introduce mandatory training to help combat money laundering.

RECBC’s course will give licensed real estate professionals tools and insights to spot the signs of money laundering and help keep the proceeds of crime out of the province’s real estate market.

“For most people, purchasing a home is the biggest financial commitment of their lives.” said Erin Seeley, RECBC Chief Executive Officer. “Protecting consumers so that they can feel confident about their real estate transaction is our first priority, and that’s why we’ve decided to make this new course on anti-money laundering mandatory for all real estate professionals.”

The course was proposed in May 2019 amid several measures designed to tackle money laundering in real estate following two government reports highlighting its proliferation.

The RECBC will merge with the BC Financial Services Authority (BCFSA) in 2021, creating a single regulator for financial services in the province.

“Education is a key initiative in the fight to reduce money laundering,” said Blair Morrison, Chief Executive Officer, BCFSA. “RECBC’s introduction of mandatory anti-money laundering training for real estate professionals will help ensure that buyers and sellers of BC real estate are better protected from the negative impacts of money laundering.”

Source: Real Estate Professional