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by CareyBot

This article by OPP Connect editor Adrian Bishop is reposted with permission from OPP Connect. Agents should not have to carry out due diligence on both buyers and sellers of a property transaction, and industry guidance should be altered to reflect this, argues a top trade body. The International Consortium of Real Estate Associations (ICREA), a consortium of the world’s leading real estate associations that sets standards for international real estate practice, says “it is not reasonable to expect real estate agents to be in a position to conduct due diligence (including risk assessments) on individuals they barely encounter.” The comment came as the Financial Action Task Force (FATF) -- an intergovernmental body established in 1989 to combat money laundering and financing...