The federal government has now published new amending regulations to federal anti-money laundering legislation (the Proceeds of Crime (Money Laundering) and Terrorist Financing Act – PCMLTFA) along with draft regulations to establish cost recovery for the statute’s enforcement agency – the Financial Transactions and Reports Analysis Centre of Canada -FINTRAC. The regulations have been released for a short comment period of 30 days.

The new Regulations impose a broad set of compliance requirements on mortgage lenders, brokers and administrators, which encompass (amongst other requirements) the need for the sector to:

Mortgage lenders, in particular, will need to explore and document a borrower’s financial capacity.

The proposed regulations for comment can be found at this link https://www.gazette.gc.ca/rp-pr/p1/2023/2023-02-18/html/reg4-eng.html

In addition, CAPL members are welcome to ask questions and provide comments to CAPL at s.gale@privatelenderassociation.ca

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