Soon Mortgage Brokers and Companies will be regulated under the PCMLTFA. Recent draft regulations have been set forth, with expected regulatory changes to come later this year. This means that the mortgage sector in Canada will soon be covered by federal anti-money laundering legislation. Mortgage companies will likely be expected to have a compliance plan in place within 10-15 months.
We have recorded this helpful video which outlines what this means for the mortgage sector and the best-practices for developing an AML compliance program.
If you know someone working in the mortgage space, please share this video and don't hesitate to reach out to us should you have any questions contactus@theamlshop.ca