New Reporting Entities Under the PCMLTFA: Exploring Expanded Sector Regulations Related to Real Estate, Including Armored Car Services, Mortgage Lenders, Mortgage Brokers, Private Lenders, and Title Insurers

June 5, 2024 3:30pm

Mitchell A. Flagg
Crown Counsel, Serious Fraud Office/Complex Prosecutions Bureau
Ministry of the Attorney General

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Christopher Rhone
Detective, Provincial Asset Forfeiture Unit
Ottawa Police Service

Jacqueline Shinfield
Partner
Blake, Cassels & Graydon LLP

Rob Vingerhoets
Detective Constable, Proceeds of Crime Section, Financial Crimes Unit
York Regional Police

On February 18, 2023, draft regulations proposing amendments to the PCMLTFA were published, initiating a 30-day consultation period. Among various proposed alterations, mortgage lending entities (such as lenders, brokers, and administrators) as well as armoured car companies would be brought under the purview of the anti-money laundering (AML) and anti-terrorist financing (ATF) obligations outlined in the Act and its associated regulations. During this panel discussion, we will explore:

  • Exploring the implications and requirements for newly added reporting entities in complying with AML and ATF obligations
  • Examining the expansion of sector regulations to cover mortgage lenders and mortgage brokers
  • Introduction of new AML obligations for armoured car companies
  • The landscape of heightened penalties for illicit cross-border cash