A 2024 decision brought GTA mortgage brokers under FINTRAC’s anti-money laundering (AML) regime, leading to mandatory registration and expanded reporting. Over a year later, navigating these requirements remains challenging. Brokerages face complex compliance programs, increased client data tracking, and transaction monitoring, similar to banks. Terry Kilakos notes the burden on brokers is heavy, despite them being intermediaries, not lenders. While the intention to protect the financial system is valid, the risk-reward balance feels off for many. Smaller firms struggle to allocate resources to growth while meeting compliance demands. For a deeper dive into the ongoing debate and its impact on the GTA mortgage industry, read the full article on mpamag.com.
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