I like what the CRA is doing, except it is several years late. Kudos to the Globe for exposing this massive problem of lack of transparency. Banks are required to audit any transaction greater than $10,000. Failure to prove that they did can result in a $1million fine.

Attempts at self-regulation in real estate are a failure. The people who benefit from the transaction are the only ones that audit. Time for a third party to validate source of funds to stop laundering and other questionable practices.