FINTRAC Makes Every Mortgage Broker a Compliance Officer

Two days into the start of FINTRAC’s requirements for mortgage brokers, it's clear this is going to take some getting used to.

The regs (details on those) took effect in the broker channel on Friday. Thanks to all the new anti-bad-guy procedures, brokers have the joy of extra paperwork plus the thrill of paying more for the privilege.

Here's a summary of broker obligations from Equifax:
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For some brokers, even those who took FINTRAC courses, there's still ample uncertainty and unanswered questions. We’ll bug the regulator with questions this week—chime in below if you've got your own.

As for deal management systems (a.k.a. POS systems), they all offer a different interface for complying with the above, and no one of them is perfect. Here's a quick rundown of what we've dug up so far...