Taking a stand against money laundering and terrorist financing | Financial Services Regulatory Authority of Ontario

Mortgage professionals will soon be required to enhance their business practices to combat money laundering and terrorist financing.

As of October 11, 2024, mortgage administrators, mortgage brokers and mortgage lenders will have obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations, to do the following:

establish and implement a compliance program
report certain types of financial transactions
- Suspicious transaction report (STR)
- Large cash transaction report (LCTR)
- Large virtual currency transaction report (LVCTR)
- Terrorist property report (TPR)
keep records
identify clients (know your clients)
apply ministerial directives

These changes support Canada’s efforts to combat money laundering and terrorist financing, and strengthen FINTRAC’s ability to help protect Canadians and Canada’s economy. In October 2023, the Government of Canada published new regulations to support this, as well as further strengthen the Financial Transactions and Reports Analysis Centre of Canada’s (FINTRAC) ability to help protect Canadians and Canada’s economy.

In a first phase, FINTRAC will hold information sessions that focus on people who will be responsible for implementing the compliance program (firm owners, managers and compliance officers). These sessions will be offered through mortgage industry associations.

In a second phase, mortgage professionals will be invited to attend webinars on key obligations.

Industry associations will share more information about the sessions in the coming months.

* Article contributed by FINTRAC.

For more information, consult FINTRAC’s website.
For questions, please contact FINTRAC by telephone at 1-866-346-8722 (toll-free) or by email at [email protected].

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As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing supervisor, FINTRAC is committed to working with businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations to increase their awareness, understanding and compliance with their obligations.