Finmo has added a dedicated Fraud & risk assessment section to its platform. This

centralized hub allows brokers to perform all necessary compliance checks, record keeping, and assessments required under the new FINTRAC regulations. Finmo is dedicated to providing mortgage professionals with the tools they need to navigate the

enhanced FINTRAC regulations confidently. By following your Brokerage’s policies and

procedures and integrating these features into your workflow, you have the tools for compliance to mitigate risks and focus on delivering exceptional service to your borrowers.

Applications in Finmo include a field in the "Risk assessment" section to document any third party involvement in a deal. This allows you to capture the nature of relationships, such as gift donors for down payments and their relationship to the borrower.

1. Select the application you wish to add information of a third-party

2. Click on "Fraud & risk assessment" on the left menu and scroll down to "Third party determination"

3. In the text box, describe the methods used to evaluate whether a third party is influencing any of the borrowers in the deal and "Save changes".

4. This data will be stored in the application for compliance purposes.

A questionnaire to evaluate fraud and anti-money laundering risks in included in each application which allows you to record your assessments directly within Finmo. This questionnaire is accessible to all users at no additional cost.

1. Select the application you wish to add information of a third-party

2. Click on "Fraud & risk assessment" on the left menu and scroll down to "Fraud and AML risk factor assessment questionanaire" form

3. Answer all questions based on your evaluation of the borrower and transaction

4. Click on "Save changes" and the answers will be recorded and saved within the application on Finmo.

Applications in Finmo include a field in the "Risk assessment" section to capture how the borrower intends to use the funds and meet FINTRAC's requirements for transparency in fund usage.

1. Click into the "Goal" section of the application and locate the "Intended use of funds" field. There is a drop down menu to choose from. You can also put in a "Description of other use of funds" for your records.

2. Save changes and this information will be stored in the application.

Finmo allows brokers to record whether a borrower is a "Business or legal entity".

1. When in the application, click on the name of the borrower on the left menu and select "Personal details". Choose "yes" or "no" from the drop down menu in the "Business or legal entity field' and save changes.

Should you have any questions please click on the chat bubble in Finmo :)