The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) recently announced regulatory changes for the mortgage lending sector, which will come into effect on October 11, 2024. Mortgage administrators, mortgage brokers, and mortgage lenders will now be subject to the requirements of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) and its associated regulations. These requirements include establishing and implementing a Compliance Program, reporting certain financial transactions, and verifying client identity with FINTRAC.

These changes support Canada’s efforts to combat money laundering and terrorist financing, and strengthen FINTRAC’s ability to protect the Canadian population and economy. To ensure compliance with the Act and associated regulations, FINTRAC is authorized to conduct compliance reviews to determine whether you are meeting your obligations under the law.

As a financial intelligence unit and supervisory body for anti-money laundering and counter-terrorist financing efforts in Canada, FINTRAC is committed to working with businesses subject to the Act and related regulations to enhance their awareness, understanding, and compliance with their obligations.

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