Tag: AML

Canada AML/ATF Rules Update: New Reporting and Verification Rules for MSBs, Title Insurers, Real Estate, and Private ABM Acquirers

Canada’s latest AML/ATF rules are now in force under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). These regulatory changes strengthen oversight, expand reporting obligations, and introduce new due diligence and sanctions reporting requirements. Here’s a breakdown of what changed and who’s impacted. Who’s Impacted by the New Canada AML/ATF Rules The […]

FINTRAC: Information Session on AML/ATF for the Mortgage Sector

Please join us in attending an informative presentation delivered by FINTRAC, Canada’s Financial Intelligence Unit and Anti-Money Laundering/Anti-Terrorist Financing supervisor.  

New obligations for the mortgage sector have been published and will come into effect in October 2024.  The goal of this presentation is to provide an overview of the requirements that include elements of a compliance program, record keeping and reporting.  A documented compliance program is the basis of meeting all reporting entity obligations under the Act and associated Regulations which will contribute to FINTRAC’s mandate to combat money laundering, terrorist financing and threats to the security of Canada.

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Regulatory Update: AML for the Mortgage Industry and more

MBRCC initiatives impacting co-brokering and mortgage product suitability recommendations The Mortgage Brokers’ Regulatory Council of Canada (MBRCC) has published its strategic plan for the next three years (2023-2026). Some of the strategic priorities of the MBRCC focus on licensing issues when operating across multiple provincial jurisdictions. Contrary to some popular views, co-brokering or submission desk arrangements will not resolve […]