As the mortgage sector navigates new FINTRAC regulatory requirements, dive into unique insights from the ReallyTrusted team, with insights from Catagay Sen and Taylor Cameron. With the recent expansion of FINTRAC oversight to mortgage brokers, both professionals share critical observations on challenges faced by designated individuals and principal brokers in implementing compliance measures. Taylor’s experience speaking to new and potential clients’ sheds light on common misconceptions, while Catagay offers a deep dive into the evolving, policy-specific concerns mortgage brokerages encounter. Together, they discuss the ways ReallyTrusted is helping client’s approach FINTRAC compliance with clarity and confidence, helping ensure these new requirements are met effectively.

This episode offers an essential look at the early days of FINTRAC’s regulations in the mortgage sector, uncovering valuable insights for brokerages looking to stay compliant and prepared.

Key Takeaways:

- Many mortgage brokerages face challenges understanding their role under FINTRAC regulations.

- Designated individuals often need help crafting policies tailored to new compliance standards.

- Misunderstandings are common around what data must be recorded and reported.

- Brokerages frequently underestimate the time and resources required for full compliance.

- ReallyTrusted provides tailored programs to help brokerages meet compliance requirements efficiently.

Connect with Greg and Really Trusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

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#FINTRAC #MortgageCompliance #RealEstateCompliance #RegulatoryStandards #ReallyTrusted #ComplianceManagement #BrokerageCompliance #KnowYourCompliance #FINTRACExpress

In this episode, host Greg Dent sits down with Chris Thompson, a former lawyer who now works in the provincial government's financial crimes capacity. They dive into the topic of Unexplained Wealth Orders (UWOs), a powerful tool in the fight against financial crime that has recently been introduced in Canada, starting with British Columbia.

Chris provides a comprehensive overview of UWOs, explaining that they are court orders that compel individuals to explain the source of funds for their assets, even without a criminal conviction. He highlights how UWOs are an important tool for law enforcement, as they help overcome the challenges of tracing complex financial transactions, particularly when it comes to organized crime.

The discussion explores the controversial aspects of UWOs, such as the lower standard of proof required compared to criminal convictions. This raises concerns about the presumption of innocence and the potential for abuse. However, Chris argues that there are safeguards in place, such as the need for court approval, and that UWOs are necessary to prevent criminals from living off the proceeds of their crimes.

The episode also delves into a case study of the successful use of UWOs in the UK, the Haji-Ioannou case, which demonstrates the effectiveness of this tool in addressing suspected proceeds of crime. Additionally, the conversation touches on the practical considerations and future directions for UWOs in Canada, as other provinces may follow BC's lead in introducing this legislation.

Overall, this episode provides a comprehensive understanding of Unexplained Wealth Orders, their importance in the fight against financial crime, and the ongoing debate around balancing law enforcement powers and civil liberties.

Key Takeaways:

· Unexplained Wealth Orders (UWOs) are a court order that compels individuals to explain the source of funds for assets, even without a criminal conviction.

· UWOs are an important tool in fighting organized crime and removing the proceeds of

crime, as they help law enforcement overcome challenges in tracing complex financial transactions.

· The lower standard of proof required for UWOs(reasonable grounds to suspect) compared to criminal convictions is controversial, as it raises concerns about the presumption of innocence.

· Effective implementation of UWOs requires a balance between empowering law enforcement and protecting civil liberties, with safeguards such as court approval.

· UWOs have been successfully used in other jurisdictions, such as the high-profile Haji-Ioannou case in the UK, and are now being introduced in Canada, starting with British Columbia.

Learn more about Christ at https://www.bcsc.bc.ca/guardians/meet-our-enforcement-staff-investigator-chris-thompson

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

Thanks for listening

Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page.

Do you have some feedback or questions about this episode? Leave a comment in the section below!

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In this episode of The KYC Podcast, host Greg Dent is joined by Zahra and Catagay from the ReallyTrusted team to discuss the intricacies of the Electronic Compliance Assessment Report (eCAR) - a crucial tool used by FinTRAC to assess compliance with anti-money laundering and counter-terrorist financing regulations. The conversation delves into the purpose and structure of the eCAR, the types of questions it encompasses, and the potential challenges reporting entities may face when completing this assessment. Importantly, the hosts highlight the opportunity the eCAR presents for proactive compliance, emphasizing the benefits of honesty and transparency when addressing any identified deficiencies.

Key Takeaways:

• eCARs are electronic questionnaires used by FinTRAC to evaluate the effectiveness of reporting entities' compliance programs and identify potential risks.
• The questions cover a wide range of topics, including business practices, transaction types, and the five pillars of a compliance program.
• Challenges may arise if the compliance program is not well-documented or if there are gaps in policies and procedures.
• Honesty is crucial when completing the eCAR - voluntary disclosure of non-compliance can be a valuable tool to address deficiencies.
• FinTRAC generally prefers a collaborative approach, providing opportunities for reporting entities to remediate issues and improve their compliance posture.

Resources:

• Contact the Really Trusted team for guidance on navigating the eCAR process and strengthening your compliance program.

Connect with Greg and ReallyTrusted at:

https://reallytrusted.com/

https://www.facebook.com/ReallyTrusted/

Thanks for listening

Thanks so much for listening to our podcast! If you enjoyed this episode and think that others could benefit from listening, please share it using the social media buttons on this page.

Do you have some feedback or questions about this episode? Leave a comment in the section below!

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If you would like to get automatic updates of new podcast episodes, you can subscribe to the podcast on Apple Podcasts or Stitcher. You can also subscribe in your favorite podcast app.

Leave us an Apple Podcasts review

Ratings and reviews from our listeners are extremely valuable to us and greatly appreciated. They help our podcast rank higher on Apple Podcasts, which exposes our show to more awesome listeners like you. If you have a minute, please leave an honest review on Apple Podcasts.