As of October 11, 2024, mortgage brokers are required to comply with FINTRAC regulations, which include implementing a compliance program, conducting client identity verification (KYC), submitting suspicious transaction reports (STRs), and maintaining accurate records. Finmo will support brokers by integrating Digital ID Verification (IDV) and PEP screening directly into our platform, ensuring that brokers can meet these obligations seamlessly. Detailed guidance on these requirements can be found here.

FINTRAC requires that brokerages provide training to their brokers, but no training course is specifically required or accredited by FINTRAC. Finmo has partnered with FINTRAC specialists The AML Shop to provide webinars which will help brokerages understand and implement compliance measures effectively. Similar training is being provided by provincial regulatory bodies such as the Real Estate Council of Alberta (RECA) the Financial Services Regulatory Authority of Ontario (FSRA), and the British Columbia Financial Services Authority (BCFSA) and some others.

For the most accurate and comprehensive information, always consult FINTRAC’s official publications and resources, which are regularly updated to reflect any changes in the regulatory landscape.

Finmo will be adding tools to make FINTRAC compliance as straightforward as possible. These features include Digital ID Verification, PEP screening, and automated audit trails to document compliance actions. Additionally, we have partnered with The AML Shop to provide specialized training and support to ensure that you are fully prepared to meet FINTRAC requirements.

Non-compliance with FINTRAC regulations can result in severe penalties, including fines, reputational damage, and even criminal charges in serious cases. Finmo’s integrated compliance tools and training resources are here to help you avoid these risks by ensuring that you meet all regulatory requirements.

There are several FINTRAC-approved methods you can use to verify a client’s identity, so long as you document the method you used as well as sufficient supporting evidence.. Finmo will offer an integrated Digital ID Verification (IDV), which allows you to securely verify client identities in compliance with FINTRAC’s Know Your Client (KYC) requirements. The record of this process and supporting evidence will be automatically stored within the deal record, keeping you audit-ready.

Politically Exposed Persons (PEPs) are individuals who hold prominent public positions and are therefore at higher risk for involvement in money laundering or corruption. FINTRAC requires brokers to screen for PEPs to ensure that any associated risks are identified and mitigated. Finmo’s platform includes PEP screening tools to help you meet this requirement and keep the appropriate records.

Finmo’s compliance features, including Digital ID Verification and PEP screening, will be available as part of our platform, with some features operating on a pay-per-use basis. We strive to provide cost-effective solutions that help you maintain compliance without adding a significant financial burden.

We’ve partnered with the AML Shop to offer a set of training resources to cover all aspects of FINTRAC compliance. These will include webinars and guides on what actions you need to take to ensure compliance, and how to use the tools in Finmo to ensure compliance efficiently and reliably.

FINTRAC requires that your compliance program be reviewed at least every two years, or more frequently if there are significant changes in your business operations or regulatory requirements. Finmo’s compliance tools help you maintain up-to-date records and audit trails, making it easier to conduct these reviews, and our training webinars will provide more information on how to meet this requirement.

Mortgage brokers must submit reports such as Suspicious Transaction Reports (STRs), Large Cash Transaction Reports (LCTRs), and Large Virtual Currency Transaction Reports (LVCTRs) to FINTRAC. Finmo’s platform is designed to facilitate the collection and organization of the necessary data, making the reporting process straightforward and efficient.

Security is a top priority for Finmo. Our platform employs advanced encryption and security protocols to protect your data. Finmo is SOC 2 TYPE II compliant and we offer you two-factor authentication for every user. Additionally, our compliance features are designed to meet FINTRAC’s strict requirements, ensuring that all client information and compliance actions are securely stored and accessible only to authorized users.

Verify your clients' identities and screen for Politically Exposed Persons directly within the Finmo platform, all in one seamless process.

Capture and document compliance actions, methods, and supporting evidence effortlessly, ensuring you have a comprehensive record for any audit requirements.

We’re working closely with a specialist partner to bring you in-depth training webinars and support tools, designed specifically to help you navigate these new requirements. Click below to register for a session.

FINTRAC does not mandate or offer accreditation for any specific training course. Brokerages are required to develop an ongoing compliance training program for employees and agents tailored to the brokerage's business, policies and procedures. This session will provide practical insights from seasoned experts on how to maintain compliance in your business structure and daily operations.

Attendees of this session will receive an email confirming their attendance and what was covered.

Should you have any questions please click on the chat bubble.