Navigating FINTRAC Compliance in the Mortgage Sector

Know Your Compliance (KYC)

As the mortgage sector navigates new FINTRAC regulatory requirements, dive into unique insights from the ReallyTrusted team, with insights from Catagay Sen and Taylor Cameron. With the recent expansion of FINTRAC oversight to mortgage brokers, both professionals share critical observations on challenges faced by designated individuals and principal brokers in implementing compliance measures. Taylor’s experience speaking to new and potential clients’ sheds light on common misconceptions, while Catagay offers a deep dive into the evolving, policy-specific concerns mortgage brokerages encounter. Together, they discuss the ways ReallyTrusted is helping client’s approach FINTRAC compliance with clarity and confidence, helping ensure these new requirements are met effectively.

This episode offers an essential look at the early days of FINTRAC’s regulations in the mortgage sector, uncovering valuable insights for brokerages looking to stay compliant and prepared.

Key Takeaways:

• Many mortgage brokerages face challenges understanding their role under FINTRAC regulations.
• Designated individuals often need help crafting policies tailored to new compliance standards.
• Misunderstandings are common around what data must be recorded and reported.
• Brokerages frequently underestimate the time and resources required for full compliance.
• ReallyTrusted provides tailored programs to help brokerages meet compliance requirements efficiently.

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

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