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ARTICLE · 03 JULY 2014

Developers, Brokers And Anti-Money Laundering Legislation: Who Is Responsible?

McCarthy Tétrault
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In situations where developers retain real estate brokers to conduct sales activities on their behalf, certain questions may arise.

CanadaReal Estate and Construction
Ashley Bozek
Ashley Bozek
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In situations where developers retain real estate brokers to conduct sales activities on their behalf (for example, in a sales centre), questions may arise as to whether the developer has any obligations under the Proceeds of Crime (Money Laundering) and Terrorist Finance Act (Canada) (the "Act") and the Proceeds of Crime (Money Laundering) and Terrorist Finance Regulations (the "Regulations") with respect to purchaser identification and reporting, particularly where the real estate broker is already collecting such information for his or her own purposes.

Subsection 39.5(1) of the Regulations provides that, generally, Part I of the Act (which contains certain purchaser identification and reporting requirements) will apply to developers "when:

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