As mortgage professionals, you are a main line of defence in preventing money laundering.
The sums of money you deal with are significant. That’s why it’s critical to report suspicious completed or attempted transactions to FINTRAC when there are reasonable grounds to suspect the transaction is related to money laundering, terrorist financing or sanctions evasion.
Remember, FINTRAC relies on your reports to fight financial crime.
To help you better understand your responsibilities, FINTRAC has released new materials:
- Mortgage sector: Compliance program requirements, which describes the five elements of a compliance program
- Video 1 – The importance of suspicious transaction reports
- Video 2 – Understanding reasonable grounds to suspect
- Video 3 – What to consider when submitting a suspicious transaction report
For reference, mortgage professionals became subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act on October 11, 2024. Read FSRA’s article to learn more about this regulatory change and FINTRAC’s self-assessment tool.
Please note that FSRA does not regulate AML compliance.
For answers to your questions about AML, call FINTRAC at 1-866-346-8722 or email them at [email protected]