Are mortgage brokers reporting entities under the AML/CTF Act?
A. Whether or not a mortgage broker is a reporting entity under the AML/CTF Act depends on whether they are providing one or more of the designated services specified in section 6 of the Act. Mortgage brokers who merely act as agents for lenders are not reporting entities under the AML/CTF Act (the lender is the reporting entity) unless they are providing a designated service outside their agency agreement.
Related Questions
- Why does the Mortgage Brokerages, Lenders and Administrators Act only allow Mortgage Agents and Brokers to work for one Mortgage Brokerage?
- Are reverse mortgages covered under the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA)?
- Are finance brokers reporting entities under the AML/CTF Act?
