Canada’s real estate sector is increasingly targeted by fraudsters and money launderers, according to a government analysis. In response, the federal finance department has outlined new anti-fraud regulations for realtors and title insurers, set to take effect on Oct. 1, 2025.
“Fraud, a well-known predicate crime to money laundering, is on the rise in the real estate sector, with increased reporting of criminals using title fraud to steal ownership of a home to benefit from its value,” stated the Regulatory Impact Analysis Statement, published in the Canada Gazette on Jan. 1 and first covered by Blacklock’s Reporter.
The finance department recently introduced new rules under the Proceeds of Crime and Terrorist Financing Act to address money laundering and terrorist financing risks in the real estate sector. These include requiring title insurers to verify clients’ names, dates of birth, and addresses….