A $150,000 AML Fine for a First Audit Isn’t “Tough on Crime.” It’s Tough on Small Business—and Tough to Justify
Canada’s anti–money laundering (AML) regime has a credibility problem—not because AML enforcement is unnecessary, but because the penalty outcomes are increasingly hard to defend as proportionate. A six-figure administrative monetary penalty (AMP) can be appropriate when a business is willfully blind, repeatedly non-compliant, or effectively operating as a conduit for laundering. But when penalties land […]
FINTRAC PCMLTFA Requirements for Mortgage Brokers and Lenders: 2024 Compliance Videos and Guide
As of October 11, 2024, Canada’s mortgage sector—administrators, brokers, and lenders—is now covered by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
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.
Navigating the FINTRAC ID Verification Rules: Insights
Speaker: Jay Krushell, Chief Legal Officer, treefort
Click here to access a replay
The Canadian AML Framework: Proposed Changes Affecting the Mortgage Services Industry
Speaker: Jacqueline Shinfield, Partner, Blakes
Click here to access a replay