In case you’re not already aware, FINTRAC updated their guidance for the mortgage sector last week. This latest update specifies that with the exception of suspicious transaction reporting, employees of a mortgage lender, broker, or administrator are not responsible for ensuring compliance with the PCMLTFA. This means that if you are a mortgage broker, sub-broker, or agent, that is an employee of a broker/brokerage, your employer is responsible for ensuring compliance. This is true even if you have incorporated in order to comply with provincial requirements.
Check out our reference guide for the mortgage sector if you are an employer that is a broker, lender, or administrator, and you are unclear about your anti-money laundering regulatory obligations.