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As we previously reported, persons and entities in the mortgage sector (mortgage administrators, mortgage brokers, and mortgage lenders) became subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) on October 11, 2024.
To support the mortgage sector in understanding their obligations under the PCMLTFA and complying with its requirements, FINTRAC published the following video resources:
- Mortgage Sector: Compliance program requirements
- The importance of suspicious transaction reports
- Understanding reasonable grounds to suspect
- What to consider when submitting a suspicious transaction report
- Mortgage Sector: Suspicious transaction reports
We encourage mortgage administrators, mortgage brokers, and mortgage lenders to view these resources.
For further information or questions concerning PCMLTFA requirements for those in the mortage sector, please contact any member of our Financial Services Regulatory Group.
The content of this article does not constitute legal advice and should not be relied on in that way. Specific advice should be sought about your specific circumstances.
