US EditionRegulator Freezes iPro Realty Bank Accounts in Wake of Company’s Collapse
AUSTRAC cites significant deficiencies in Binance Australia's compliance with anti-money laundering and counter-terrorism financing controls, mandating an external audit within 28 days.
- Ontario's Real Estate Council froze bank accounts of iPro Realty Ltd. on August 14, 2025, following a $10-million shortfall in trust funds.
- RECO discovered on May 19, 2025, that iPro owners improperly used trust funds to cover expenses and pay investors, prompting regulatory action.
- RECO agreed with iPro to wind up operations and transfer agents to iCloud Realty Ltd., while also parting ways with longtime registrar Joseph Richer.
- Katie Steinfeld, RECO's board chair, said the board is committed to effective regulation and demands rogue players be held accountable.
- This crisis triggered an independent audit by Dentons Canada LLP to strengthen oversight and reviews of all compliance files at RECO.
15 Articles
15 Articles
Regulator Demands Binance Launch Another External Audit, Given 28-Day Deadline
Australia’s financial crimes regulator has directed Binance Australia to bring in an external auditor within the next four weeks, citing serious concerns about its anti-money laundering and counterterrorism financing (AML/CTF) controls. The Australian Transaction Reports and Analysis Centre (AUSTRAC), the AML/CTF regulator, said the cryptocurrency giant has 28 days to nominate auditors after its latest independent review was deemed insufficient.…
Binance to carry out external audit as Australian regulator bemoans compliance efforts
Due to concerns over the violation of its Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has ordered Binance to carry out an audit. The regulator communicated the directive to the local arm of the global exchange operating in Australia on Friday. As part of the instruction, the regulator demands that the crypto exchange hire an external auditor to c…
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