New FINTRAC
Regulations for
Mortgage
Professionals
Stay compliant with the latest Proceeds of Crime (Money Laundering) and Terrorist Financing Act regulations. Scarlett provides essential tools and support to ensure your brokerage meets all requirements by October 11th, 2024.
Understanding
the Regulations
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October 11th, 2024 Deadline
All Mortgage Brokerages, Brokers, and Agents must comply with new regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act by this date.
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Real Estate Precedent
The real estate community has been operating under similar regulations for years, providing valuable insights and lessons for the mortgage industry.
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Non-Compliance Consequences
Monetary penalties have been imposed on non-compliant real estate firms in the past, emphasizing the importance of adhering to these new regulations. Here is a list of those fined.
Scarlett's Compliance Tools
ID Verification
Utilize advanced identity verification tools to ensure the authenticity of client information and maintain regulatory compliance.
Anti-Money Laundering Lists
Access comprehensive Anti-Money Laundering (AML) lists to screen clients and transactions for potential risks and red flags.
Politically Exposed Persons Lists
Stay informed about high-risk individuals with access to updated Politically Exposed Persons (PEP) lists, enhancing due diligence efforts.
Partner Integration
Benefit from partnerships with industry leaders like Equifax to ensure robust and reliable compliance services.
Overall Risk
Assessment Forms
Within each Scarlett mortgage application, you will have the ability to update an assessment on each client related to these new regulations and upload relevant supporting documentation. All in an effort to help brokerage streamline and systemize their compliance.
- Client Assessment Updates
- Document Upload Capabilities
- Streamlined Compliance Workflow
Real-Time
FINTRAC Reporting
Finally, brokerages and agents will have real time reporting on all things FINTRAC. Through our CRM/Automations, we will help brokerages/agents track, remind and report on those high-risk transactions that require annual monitoring and documentation.
