A $150,000 AML Fine for a First Audit Isn’t “Tough on Crime.” It’s Tough on Small Business—and Tough to Justify
Canada’s anti–money laundering (AML) regime has a credibility problem—not because AML enforcement is unnecessary, but because the penalty outcomes are increasingly hard to defend as proportionate. A six-figure administrative monetary penalty (AMP) can be appropriate when a business is willfully blind, repeatedly non-compliant, or effectively operating as a conduit for laundering. But when penalties land […]
FINTRAC PCMLTFA Requirements for Mortgage Brokers and Lenders: 2024 Compliance Videos and Guide
As of October 11, 2024, Canada’s mortgage sector—administrators, brokers, and lenders—is now covered by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).