FINTRAC / AML

Effective October 11, 2024, all mortgage lending entities are required to adhere to updated Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) regulations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Below outlines the tools available to you within Scarlett Mortgage to assist with your compliance process.

Built into every Scarlett Mortgage deal is a FINTRAC record keeping section. To access this section, Click "FINTRAC" from the Services drop-down menu.

The top section of the FINTRAC record allows you to select the Overall Risk Assessment level, and enter any notes to explain the level selection.

This is also where you will select the FINTRAC Reporting Status, and enter any notes to explain the selection.

The next section of the record allows you to enter information about the transaction type and the neighbourhood.

This is also where you enter information about how you conducted the transaction, where the source of funds for down payment came from, and how the down payment is transmitted to for closing.

The next part of the record will populate a section for each applicant on the deal. This section allows you to answer risk questions about the applicant.

This section also allows you to enter information about the PEP status and how identity was verified.

This section automatically updates based on whether you indicate that the applicant is a person or a corporation.

You can upload supporting documentation for your FINTRAC record using the "Upload Supporting Document(s)" button at the top of the FINTRAC record.

Uploaded supporting documents can be found in the "Supporting Document(s)" tab of the report.

If you need to generate a summary of the FINTRAC record, click the "Generate PDF Report" button at the top of the FINTRAC record.

You have the option to download the PDF or upload it automatically to the Documents & Forms section.

Under the applicant, click on "Verify"

Enter the email address you wish the verification request to be sent to. This defaults to the email address associated with the client.

An order status will appear as "Pending"

Your client will receive an email directing them to the VeriFast service to complete the IDV.

Once complete, the status for your client will update and the PDF will be available for download. This PDF will also automatically be saved to your Documents & Forms within the deal.

The report received from VeriFast will have their IDV pass/fail status, as well as information on Adverse Media, PEP lists, and Sanctions.