Do you know your obligations under the new FINTRAC legislation? Image

Do you know your obligations under the new FINTRAC legislation?

By Christina Crowe | October 29, 2024

FINTRAC has now updated its guidance following regulatory amendments that came into force on October 11, 2024.

We want to ensure all RECA mortgage licensees are aware of their new obligations under this federal legislation.

New obligations for the mortgage industry

As of October 11, 2024, businesses and professionals in the mortgage sector, specifically mortgage administrators, brokers and lenders, have updated anti-money laundering and anti-terrorist financing (AML/ATF) obligations, as follows:

  • developing an AML/ATF compliance program;
  • applying customer due diligence measures;
  • keeping certain records;
  • report certain transactions to FINTRAC; and
  • following ministerial directives and transaction restrictions.

Resources

  • Compliance obligations: mortgage administrators, brokers and lenders.
  • Self-Assessment Tool for Mortgage Sector.

Submit reports to FINTRAC

Licensees in RECA’s mortgage sector are now required to submit suspicious transaction reports (STR), terrorist property reports (TPR), large cash transaction reports (LCTR) and large virtual currency transaction reports (LVCTR) to FINTRAC.

Specifics

Reporting entities with reports to submit can send requests for access to the FINTRAC Web Reporting System by email to F2R@fintrac-canafe.gc.ca.

Once enrolled, you should be able to submit STRs using the FINTRAC Web Reporting System or, if you have a higher volume of reports, register to FINTRAC API report submission to submit STRs, LCTRs and LVCTRs.

Backlogs of reports incurred as a result of the availability of FINTRAC systems must be maintained and reported to FINTRAC once you obtain access to FINTRAC Web Reporting System and the report type is available in the system. For more information visit: Implementing online systems.

For questions, please contact FINTRAC at 1-866-346-8722 (toll-free) or lignesdirectrices@fintrac-canafe.gc.ca.

RECA licensees are encouraged to stay up-to-date on FINTRAC information by subscribing to the FINTRAC Mailing List