mortgage protection
Your Mortgage License Is Protected with Expert Mortgage's AML Compliance Program
As of October 11, 2024, all mortgage licensees are required to comply with Canada's updated Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Expert Mortgage ensures you stay compliant with the law through our comprehensive Anti-Money Laundering (AML) training and Fintrac compliance services.
What does this mean for Expert Mortgage?
Each mortgage agent is responsible for confirming client identity and for cross-referencing their client's name against the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) database. The average penalty for non-compliance is OVER $100,000! Every deal closing after October 10, 2024, must follow this strict protocol. Due to the complexity of the new requirements and the HIGH risk of fines, on behalf of our agents we have contracted FintracExpress to handle AML training and compliance. The cost for this service is a reasonable $25 per month, which will be billed to each agent at the time of license renewal as a "Fintrac Compliance Recovery Fee" (FCRF). By October 11, 2024, every agent will need to pay a prorated amount of $150.00 to cover the 6 months of this service until the March 31, 2024 license expiry. Each year at renewal an FCRF of $300 will be added to each agent's license cost.
What Does Expert Mortgage's Compliance Program Do For You?
Avoid Legal Risks
Non-compliance can result in heavy fines and license suspension.
Affordable Compliance
Just $25 per month ($150 due now pro-rated until March 31st), then added to your license renewal each year.
Seamless Training
Get access to Fintrac Express AML training to ensure you meet all requirements.
Mandatory Compliance
This is required by law for all mortgage agents closing deals after October 11, 2024.
Why Choose Expert Mortgage's Compliance Program?
Avoid Legal Risks: Non-compliance can result in heavy fines and license suspension.
Affordable Compliance: Just $25 per month (pro-rated until March 31st), added to your license renewal.
Seamless Training: Get access to FintracExpress AML training to ensure you meet all requirements.
Mandatory Compliance: This is required by law for all mortgage agents closing deals after October 11, 2024.
THAT'S WHY WE EXIST, TO HELP YOU 24/7 WHENEVER YOU NEED AN EXTRA HAND URGENTLY!
Expert Mortgage AML:
Establish a Compliance Program: Including the appointment of a compliance officer, risk assessments, and training for all licensed agents.
Report Transactions: Including suspicious transactions, large cash transactions, and terrorist property reports to FINTRAC.
Client Identity Verification: Each agent must verify their client's identity and cross-reference their names against the FINTRAC database.
Record Keeping: keep records, including those above, mortgage loan records, information records, receipt of funds record, large virtual currency records and others
WHAT OTHERS SAY ABOUT US
1,000+ HAPPY CUSTOMERS
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WHY WE'RE DIFFERENT
YOUR BUDGET FRIENDLY HOME FIXING PARTNER.
AFFORDABLE PRICE
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INSTANT AVAILABILITY
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Stay compliant and avoid penalties.
Join Expert Mortgage’s AML Compliance Program today!
Frequently Asked Questions
1. What if I don’t close any deals? Do I still have to pay or participate in the training?
Yes, this is required to maintain your license with us, with no exceptions. The cost is only $25 per month (pro-rated to your date of licensing) and must be paid in full by March 31st each year when licenses are renewed.
2. I am a realtor. Can I just use my realty brokerage’s system?
No, you must use the approved compliance program provided by Expert Mortgage.
3. Don’t lawyers and lenders verify ID? Why do I have to do it?
It’s the law, effective October 11th, 2024. If you don’t comply, your license will be suspended, and you will be reported to the federal government for refusing to comply with AML regulations.
4. How Long will it take to complete the AML/Fintrac Compliance training ?
The policy and procedures Manual, along with the regulations and compliance requirements will be on the EMIS system for constant reference.
The Expert Mortgage approved training course will take aprox 3-4 hours to complete the modules. Any additional training you may want on the app itself byond what is covered on our course can be done directly with the software provider..
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