A leading private lending association is advocating for significant changes to Canada’s anti-money laundering (AML) penalty system. The Canadian Association of Private Lenders (CAPL) argues that the current one-size-fits-all approach disproportionately impacts smaller brokerages in the GTA, potentially hindering their ability to invest in crucial training and compliance.
CAPL’s CEO, Samantha Gale, points to examples where minor paperwork errors result in penalties comparable to a full year’s profit for some firms. She suggests a graduated enforcement model, similar to those in the UK, US, and Australia, that distinguishes between fixable deficiencies and deliberate misconduct. Changes to FINTRAC’s AMP process have also raised concerns about procedural fairness. To learn more about the proposed reforms and their potential impact on the GTA real estate market, read the full article on mpamag.com.
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