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Cory Raven, Managing Broker/Owner RE/MAX Select Realty, RE/MAX Select Properties, and RE/MAX Westcoast
Manage episode 450997030 series 3616247
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Cory Raven joins the True North Compliance Podcast with special guest co-host Greg Dent to discuss the evolving landscape of real estate compliance and regulation. Having begun his career in 1998, Cory has witnessed significant changes in the industry, especially in terms of regulatory oversight transitioning from industry-run bodies to governmental agencies like the BCFSA. He highlighted the introduction and growing importance of FINTRAC in ensuring compliance, noting its increasing impact on brokerage operations.
Throughout the podcast the challenges that brokers face today were emphasized, balancing compliance duties with business development and agent training. He shared insights on the necessity of higher educational standards within the industry to improve professional conduct and reduce compliance violations. Cory also speculated on future changes in regulatory frameworks and their implications for real estate practices, suggesting proactive adaptation to these evolving requirements.
Alphabetical glossary of acronyms, terms and links
- AML: Anti-Money Laundering
- BCFSA: British Columbia Financial Services Authority
- BCREA: British Columbia Real Estate Association
- CTF: Counter Terrorist Financing
- CREA: Canadian Real Estate Association
- FINTRAC: Financial Transactions and Reports Analysis Centre of Canada, under the Canadian government's Department of Finance
- KYC: Know Your Client
- PCMLTFA: Proceeds of Crime (Money Laundering) and Terrorist Financing Act
- Radar Hill Website Design and Marketing
- ReallyTrusted
- REALTYnuance
- REEOIC: Real Estate Errors & Omissions Insurance Corporation
- REIC: Real Estate Institute of Canada
- STR: Suspicious Transaction Report
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