Regulatory Update: AML for the Mortgage Industry and more
The Government of Canada has launched a public consultation to examine ways to improve Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime. Comments or feedback in response to the consultation paper are due by August 1, 2023. The consultation paper can be found at this link >> The consultation asks some specific questions impacting the real estate […]
Anti-money laundering requirements for mortgage lenders
CAPL has met with consultants working for FINTRAC to assist with the roll out of AML requirements for the mortgage services sector, which includes mortgage lenders. In order to understand private mortgage lenders better, the consultants have asked that this survey be completed. Please know that we have explained that private mortgage lenders are not […]
Proposed Exemptions for the Criminal Rate Interest
Recently CAPL proposed four exemptions to the Federal Government which would apply to the new lowered criminal rate of interest. Housing interest prohibitions in the Criminal Code appears to be a result of convenience. On this topic, Senator Pierrette Ringuette has explained that “the Criminal Code is where the law created a limit on interest […]
The Federal Government is planning to lower the criminal interest rate to 35%
The Federal Government is planning to lower the criminal interest rate to 35%. This will impact private and alternative lenders, particularly lenders that provide loans on short terms, for example, bridge loans. CAPL has been advised that the Federal Government has tabled Notice of a Ways and Means Motion for Budget 2023 in the House of Commons. […]
CAPL comments on the criminal rate of interest.
Read CAPL’s letter concerning proposed changes to the criminal rate of interest. Click here for criminal rate letter
Criminal Interest Rate Prohibition – Exemptions
CAPL has been advised that the Federal Government has tabled Notice of a Ways and Means Motion for Budget 2023 in the House of Commons. Division 34 of Part 4 introduces changes to the Criminal Code to lower the criminal rate of interest to 35% annual percentage rate, as announced in Budget 2023. As part of the Amendments […]
Current Consultations: Mortgage Services now included in AML regime and Comprehensive Alberta Review
Federal AML rules – As many now know, the federal government has now published new amending regulations to federal anti-money laundering legislation (the Proceeds of Crime (Money Laundering) and Terrorist Financing Act – PCMLTFA). The new regulations impose a broad set of compliance requirements on mortgage lenders, brokers and administrators, which encompass (amongst other requirements) […]
Draft AML Regulations for Mortgage Lenders, Brokers and Administrators Now Published for Comment
The federal government has now published new amending regulations to federal anti-money laundering legislation (the Proceeds of Crime (Money Laundering) and Terrorist Financing Act – PCMLTFA) along with draft regulations to establish cost recovery for the statute’s enforcement agency – the Financial Transactions and Reports Analysis Centre of Canada -FINTRAC. The regulations have been released for a short […]
Federal Government releases regulations for foreign buyers’ ban
Re: CAPL Successful in Removing Lenders from Foreign Buyers’ Ban The Federal Government has now published regulations under the Prohibition on the Purchase of Residential Property by Non-Canadians Act, following a lengthy post-consultation period. The proposed regulations would have prohibited lending entities with 3% or more foreign shareholders from acquiring real estate through the enforcement of […]
New implementation date of BC’s property rescission period
The implementation of the new home buyers’ rescission period in British Columbia has been changed from January 1 to January 3, 2023 New implementation date of BC’s property rescission period