In October 2024, the mortgage industry is set to undergo a significant transformation with the introduction of new anti-money laundering regulations. Here are the key requirements that mortgage professionals will need to implement when the regulations come into force:

• conduct more comprehensive due diligence on their clients, including obtaining and verifying information about the customer’s identity, source of funds, and the purpose of each transaction
• promptly report suspicious transactions to the relevant authorities
• keep meticulous records of transactions, customer information, and due diligence measures
• train staff on their obligations under the regulations
• be proactive in understanding and implementing these changes

We can prepare your policies and procedures to get you ready for October. We will also offer both online and in-person training to ensure all staff are properly trained in their duties going forward.

If you’d like our help, please contact Veronica Armstrong at veronica@valc.ca.