Spring is in full swing and we are here again with another instalment of our Mortgage Series!
In our last post, we reminded Mortgage Companies that they are regulated by FINTRAC and have specific obligations to fulfill when it comes to their AML compliance, including implementing a compliance program.
Today we want to go a little deeper and discuss obligations when it comes to assessing individual borrowers.
For each individual borrower, mortgage companies need to:
🟠 Verify the borrower’s identity
🟠 Assess the borrower’s risk
🟠 Take reasonable measures to identify the involvement of any third parties
🟠 Take reasonable measures to determine the politically exposed status of the borrower
🟠 Keep a record of the purpose and intended nature of your relationship with the borrower
🟠 Conduct enhanced due diligence for high-risk borrowers
At The AML Shop, we have partnered with multiple broker and lending associations at both the Federal and Provincial level and continue to service over 75 providers.
If you are a mortgage company that needs help navigating AML, learn more here contactus@theamlshop.ca to get in touch with an expert.
In the next instalment of this series, we will discuss the steps to take to assess entity borrowers. Stay tuned for more.