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ARTICLE · 03 NOVEMBER 2023

AML/ATF Obligations For Mortgage Lenders Are Here

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As noted in our June, 2023 bulletin article, the Department of Finance Canada is considering sweeping amendments to Canada's anti-money laundering and anti-terrorist financing regime...

CanadaFinance and Banking
AUM Law
AUM Law
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As noted in our June, 2023 bulletin article, the Department of Finance Canada is considering sweeping amendments to Canada's anti-money laundering and anti-terrorist financing regime (AML/ATF regime) primarily contained in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and the Criminal Code. Even prior to the latest consultation, there have long been signals that mortgage lending entities would become subject to the regime.

Changes have now been introduced to bring entities involved in mortgage lending into the AML/ATF regime by considering them "reporting entities". Once in force entities involved in the mortgage lending process will need to meet AML/ATF obligations. These entities include brokers involved in mortgage origination, lenders who underwrite loans or supply funds, and administrators who service loans.

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