Tool helps mortgage brokerages meet FINTRAC standards on any platform
Centum Financial Group has rolled out a new compliance solution to help mortgage brokerages meet the latest FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) regulations.
These stricter rules, which took effect on October 11, require a higher level of scrutiny on anti-money laundering (AML) and anti-terrorist financing practices, adding pressure on brokerages to monitor transactions closely and report any suspicious activity.
However, one of the biggest challenges with compliance for many brokers is adapting to varied systems and meeting deadlines across multiple platforms. Centum said its new FINTRAC Reporting Form and Dashboard is platform-agnostic, meaning brokers can use it across different mortgage origination platforms.
The new compliance tool gives brokerage compliance officers a centralized view of all transactions, Centum said in a press release, even when agents use different systems. When a borrower’s credit is pulled, agents receive prompts to complete required Know Your Customer (KYC) and AML forms and upload supporting documents securely. Automated reminders help agents keep track of these steps.
The compliance tool also includes an integration with Direct Pay, simplifying the tracking and handling of referral fees. This integration allows compliance officers to manage transactions and paperwork efficiently.’
Most brokers can up and running within one to two weeks, according to Centum. The tool is part of the network’s broader suite of resources, including Report HUB and Mortgage Monitor, developed to support brokerages in meeting today’s evolving compliance standards.
Read more: How will the mortgage industry handle FINTRAC's new regulations?
“The FINTRAC regulatory landscape has evolved, and we’re excited to support our brokerages with the industry’s first platform-agnostic compliance tool,” Centum executive vice president Adrian Schulz said. “Our solution enables brokerages to meet compliance seamlessly across various origination platforms while supporting agents’ independence to use their preferred tools, a key advantage in today’s competitive market.”
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