CAMLI Web Seminar - Mortgage Participants a New AML/ATF Reporting Entity: The Regulatory Compliance Requirements and the Associated Risks

CAMLI video archive — original broadcast July 26, 2023

A detailed discussion of the regulated compliance requirements for one of Canada’s latest reporting sectors, Mortgage Participant Groups, including any business nuances that differentiate them from other reporting sectors when addressing comparable requirements.

Original broadcast

Wednesday, July 26, 2023

Cost

$150 + applicable tax
CAMLI members receive a savings of $25 on the above pricing.

Presenters

Julian Arend — About Business Crime Solutions, Inc., Toronto, ON
Christopher Walker — About Business Crime Solutions, Inc., Merrickville, ON

About this seminar

On February 18th, 2023, the Canada Gazette Part I released information on a number of legislative and regulatory anti-money laundering compliance changes planned for 2023. One of those changes involved the addition of Mortgage Brokers, non-financial institution Mortgage Lenders, and Mortgage Administrators, collectively referred to as Mortgage Participants, as a new reporting entity under Canada’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Once the Gazette Part II announcement has been published, these Mortgage Participants will have six months to have their respective AML compliance programs in place.

Explore the operational risks faced by the sector and those third-party service providers that offer primary services (e.g., banking and insurance) to the reporting business.

Attendees will be able to confirm what AML/ATF compliance program elements must be in place prior to the in-force date, creating a checklist to confirm what has been done or what work remains.

Service providers can use the discussion to confirm their own risk assessment of the mortgage participant as a customer and identify what risk mitigation may be required.