Alan Stewart's Real Estate 101: FINTRAC Training Module Review

FINTRAC 101: A condensed and insightful look at the 5 Modules of CREA's FINTRAC Training. ____________ REFERENCES (copy and paste the link into your browser): CREA Money Laundering Modules 1 - 5: https://www.dropbox.com/sh/3dljql5iq6... Terrorist Individuals and Organizations List: http://goo.gl/JiVfre _______ Examples for helping to evaluating clients: 􀁠 Client pays substantial down payment in cash and balance is financed by an unusual source or offshore bank. 􀁠 Client purchases personal use property under corporate veil when this type of transaction is inconsistent with the ordinary business practice of the client. 􀁠 Client purchases property without inspecting it. 􀁠 Client purchases multiple properties in a short time period, and seems to have few concerns about the location, condition, and anticipated repair costs, etc. of each property. 􀁠 Client negotiates a purchase for market value or above asking price, but records a lower value on documents, paying the difference under the table. 􀁠 Client pays rent or the amount of a lease in advance using a large amount of cash. 􀁠 Client arrives at a real estate closing with a significant amount of cash. 􀁠 Client is known to have paid large remodeling or home improvement invoices with cash, on a property for which property management services are provided. 􀁠 Client purchases property in the name of a nominee such as an associate or a relative (other than a spouse). 􀁠 Client does not want to put his or her name on any document that would connect him or her with the property or uses different names on Offers to Purchase, closing documents and deposit receipts. 􀁠 Client inadequately explains the last minute substitution of the purchasing party’s name. 􀁠 Client pays initial deposit with a cheque from a third party, other than a spouse or a parent. 􀁠 Client sells property below market value with an additional under the table payment.