Resources help brokerages meet enhanced anti-money laundering requirements
Centum Financial Group has introduced a suite of new tools aimed at helping mortgage brokerages comply with stricter anti-money laundering (AML) and counter-terrorist financing regulations set to take effect in October.
These regulations, issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), will require mortgage brokerages to enhance their AML measures to better track and report suspicious activity.
Centum's new resources include a customizable FINTRAC Compliance Policy Template, which will allow brokerages to tailor their policies to meet the updated requirements.
In addition, a FINTRAC Training Course will be available through CENTUM University, the company’s online learning platform. This course will provide mortgage agents with comprehensive training on FINTRAC compliance, including assignments and completion certificates. The course will soon be followed by Centum’s new agent training program.
Centum has also partnered with Scarlett Mortgage to offer an integrated Equifax ID Verification system. This feature will simplify the identity verification process, a key requirement of the new FINTRAC regulations. The integration will make it easier for brokerages to verify customer identities as part of their AML compliance.
Read more: What impact will new FINTRAC regulations have on mortgage brokers?
In addition, Centum is developing a FINTRAC compliance reporting tool that will work across various platforms. This tool, set to be launched next month, will allow brokerages to consolidate compliance data from multiple origination systems, such as Filogix Expert, Scarlett, Finmo, and Velocity. The tool will help brokerages aggregate necessary information to meet FINTRAC’s reporting standards.
“We’re incredibly proud to be leading the charge in helping brokerages across Canada stay ahead of the curve with these enhanced compliance measures,” Centum president Chris Turcotte said in a press release. “Our new tools and resources are designed to simplify the compliance process and empower brokerages to focus on their core business while staying fully compliant.”
Centum Financial Group, founded in 2002, is a Canadian network of independently owned and operated mortgage brokerages.
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
