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ARTICLE · 07 MARCH 2024

Anti-Money Laundering (AML) - What Does It Mean And Why Is It Important?

Gardiner Roberts LLP
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Money laundering is the concealment of the origins of illegally obtained money and disguising them as financial assets, such as real estate and mortgage transactions...

CanadaGovernment, Public Sector
Zev Zlotnick
Zev Zlotnick
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Money laundering is the concealment of the origins of illegally obtained money and disguising them as financial assets, such as real estate and mortgage transactions, without detection of the illegal activity that produced them. Real estate is one of the most significant sectors for money laundering and properties are becoming more vulnerable to this crime. Real estate transactions may be targeted because they are high value transactions that are under less scrutiny than others, such as the transactions of stocks and bonds.

Lenders are required, under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, to verify that all of the information borrowers provide on their mortgage application is accurate. Lenders are required to obtain detailed ownership from every borrower.

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