Proposed Amendments (The Proposed Amendments) to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) will affect non-bank mortgage lenders, making them subject to the legislation.
Announced in early February, The Proposed Amendments ensure that non-bank mortgage lenders will receive proper supervision under the PCMLTFA.
The Proposed Amendments are open to review and public comment for s period ending March 20, 2023.
The complete text of the Proposed Amendment to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) is available for download.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.