A Vancouver real estate brokerage was hit with an administrative penalty of $149,886 for non-compliance relating to money laundering and terrorism.
According to a news release from FINTRAC, LeHomes Realty Premier was penalized for “non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.”
FINTRAC mentions six specific violations relating to the file, including “failure to submit a suspicious transaction report where there were reasonable grounds to suspect that transactions were related to a money laundering offence.”
FINTRAC also found that there was a failure to ensure that an appointed person was responsible for developing a compliance program.
Some of the more serious violations include mentions of terrorism. FINTRAC said that LeHomes Realty Premier failed to consider the money laundering or terrorist activity financing risk of its products and delivery channels, “and its clients and business relationships.”
The brokerage also failed to keep complete client records and failed to fully document and deliver an ongoing training program to its staff.
FINTRAC says after full payment, the case is closed.
“FINTRAC works with businesses to help them understand and comply with their obligations under the Act. We are also firm in ensuring that businesses continue to do their part, and we will take appropriate actions when they are needed,” Sarah Paquet, Director and Chief Executive Officer of FINTRAC, said in a statement.
LeHomes Realty Premier is based in Vancouver, with its head office on Granville Street.
“Real Estate is all about buying and selling property. Wrong! To LeHomes Realty Premier, real estate is about serving real people with real needs and providing real value,” the website’s About Us section states.
The About Us page for the Vancouver real estate brokerage features several grammatical and formatting issues.
“Real Estate with us means as a buyer or seller, you experience the excellence of my proven track record,” the website says.
“From walking you through the buying, selling or investing process in a step-by-step fashion to keeping you updated on market information every step of the way, we believe in doing more than just buying or selling a home- I believe in creating memories and letting our clients experience the excellence.”
Earlier this year, FINTRAC hit Vancouver-based Spence Diamonds with a penalty worth over $250,000.
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