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ARTICLE · 24 FEBRUARY 2023

Mortgage Lending Entities To Be Regulated Under PCMLTFA And Other Proposed AML/ATF Changes

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Proposed draft regulations (the Regulations) amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) were published on February 18, 2023, with a 30-day consultation period.

CanadaFinance and Banking
Suhuyini Abudulai
Suhuyini Abudulai
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Proposed draft regulations (the Regulations) amending the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the Act) were published on February 18, 2023, with a 30-day consultation period. Among other proposed changes, mortgage lending entities (e.g., lenders (persons or entities), brokers, and administrators) and armoured car companies would become subject to the anti-money laundering (AML) and anti-terrorist financing (ATF) obligations in the Act and its regulations. We previously reported on certain elements of the Regulations in our Cassels Comment, "Budget 2022 - AML/ATF Regulatory Measures."

The following is an overview of certain salient amendments proposed in the Regulations. Given the significant impact of the proposed changes, stakeholders should review the Regulations which can be accessed for comment at the following links:

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