To better support your FINTRAC compliance efforts, Finmo has added a feature allowing borrowers to declare their Politically Exposed Person (PEP) status directly within the mortgage application. Borrowers will be prompted to answer FINTRAC-compliant questions about their PEP status during the application process. Their responses are automatically recorded and reflected in the Fraud and Risk Assessment section within the deal on Finmo.
FINTRAC guidance places the responsibility on mortgage professionals to assess whether a borrower or their close associates are politically exposed. This update helps you:
Stay compliant with Canadian regulatory standards
Centralize risk data
Provide transparency for payroll reviews
Watch this video tutorial to see how it works
What does the borrower see?
Consent Stage: After giving consent, the borrower is taken to the Politically Exposed Status section.
Declaration:
If they answer No, they continue directly to the application submission.
If they answer Yes, they are prompted to:
Identify who the PEP is (self or another party)
Enter the official role/title
Specify allocation of wealth (e.g., countries involved)
Submission: The completed declaration is stored in the application and viewable by the broker.
Where do I find the PEP declaration?
Navigate to Fraud and Risk Assessment
Scroll down to "Risk assesment checks" and choose Politically Exposed Person (PEP) Check
3. Click on "Edit details"
As a mortgage professional, review and confirm:
Whether the borrower is politically exposed
Evaluation method (e.g., “Self-declaration via portal + broker review”)
Type in any notes (internal-only; borrower won’t see them)
4. Click on "Save changes"
5. Once completed you can generate the Fraud and Risk Assessment Report by scrolling down to "Generate report" and clicking on "Generate".
The PEP declaration will appear in the "Generated documents" section and can be regenerated or reviewed at any time.
Additional Resources
Need Support?
If you have any questions, reach out to us via:
Email: support@finmo.ca
Live Chat: Use the chat bubble while logged into Finmo