CAN GVT published Regulations amending proceeds of crime (money laundering) and terrorist financing regulations, and Administrative monetary penalties regulations.
Amendment Highlights
Added to the schedule of classification of violations as serious or minor violations.
Also defined mortgage administrator, mortgage broker, and mortgage lender.
Mortgage administrator means persons or financial entities engaged in the business of servicing mortgage agreements on real property or immovables on behalf of a lender.
Mortgage broker means authorized to act as intermediary between lender, borrower.
Specifically regarding loans secured by mortgages on real property or immovables.
Mortgage lender engaged in the business of providing loans secured by mortgages.
A financial entity that enters into a correspondent banking relationship must conduct periodically conduct ongoing monitoring of that correspondent banking relationship. Frequency must be appropriate to the level of risk, based on a risk assessment.
Must take into account the information collected re foreign financial institution.
Mortgage entities must report virtual currency transaction of $10,000 or more.
Effectiveness
Regulations come into force on first anniversary of the day published in gazette.
Regulators
CAN GVT
Entity Types
Bank; IB; MG Orig; Servicer
Reference
OG Vol 157, No. 21, 10/11/2023; RF SOR/2023-194, 9/26/2023;
