Due to the high money-laundering risk associated with the real estate and property managers, the regulatory agency has proposed a mandatory course for professionals in real estate and managers of property. The course is designed to inform, prepare, and equip them to recognize suspicious transactions and what to do to flag such as fraud. The announcement which was made 2 months after the provincial government revealed its plan to develop a new regulator for real estate by spring 2020, is part of the government [plan to further prevent money laundering activity in B.C real estate markets.
Several billions of dollars been reported to be launder in 2018, and Maureen Maloney also said that about $5 billion was laundered in May through the B.C property market. Registration for the mandatory course will commence next week and will become a vital requirement for license renewal and license to maintain practice starting from April 1.