We are excited to announce a new AML & Anti-Fraud Compliance toolkit of features to support your reporting and compliance needs in light of FINTRAC’s upcoming requirements!
A quick reminder – effective October 11, 2024, mortgage administrators, brokers and lenders will be obligated under the Proceeds of Crime and Terrorist Financing Act to establish business practices that combat money laundering and terrorist financing in Canada. Read more here.
Mortgage Automator, has partnered with industry leaders and tech first service providers to develop powerful in-app integrations that will get you ahead of these regulatory changes. In the next few weeks, directly through your MA account, you will be able to:
- Verify the identity (IDV) of your clients.
Powered by FCT, with the click of a button, you will be able to verify your clients’ identity in minutes. You will have access to the copies of their government issued photo-IDs directly in your account, and the best part – this ID verification solution also complies with Canadian Law Society requirements and DIACC! Learn more about FCT IDV.
- Verify bank transactions and income.
Inverite automatically scans through borrower’s bank statements and provides you with detailed analytics of their bank activity, highlighting any suspicious trends and transactions. Bank Statements will also be available to you in your MA account almost instantly! Furthermore, a Risk Score will be provided, making it easier to evaluate borrower’s financial credibility. Learn more about Inverite’s Bank Verify.
- Verify the legitimacy of your clients’ financial identity.
Equifax’s AML Assist program will run your clients’ identity through Equifax’s AML trade supplier repositories to make sure you’re alerted of anything that seems suspicious! More information here: AML Assist | Business | Equifax Canada.
- Learn if your client is on any international Political (PEP) or Terrorism Watchlists!
If you need to find out if your client has any international sanctions or is politically exposed in a way that could affect your business, our integration with Equifax and partners will have that information for you at your fingertips inside your MA account as well.
These integrations are complete and will be launching in just a few weeks. We have strategically structured these product offerings to save you time and money, and conveniently transition you over to safer, more secure, and more compliant business processes.
