Mortgage companies

Soon Mortgage Brokers, Lenders and Administrators 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.

Now is the time to take action to get your compliance plans started, to mitigate future risk. Contact one of our aml experts today for more information or if you have any questions.

Watch the video below that outlines what these changes mean for the mortgage sector and the best-practices for developing an AML compliance program.