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...
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