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Anti-Money Laundering Training Completion Deadline

October 11

Effective October 11, 2024, the mortgage sector, including mortgage administrators, brokers and lenders, will be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and will have to meet new obligations from FINTRAC. Brokers will be required to complete training on anti-money laundering and counter-terrorist financing to be compliant with the new regulation. Note that this training is a requirement for mortgage brokers by the new money laundering and terrorist financing act. You can read more about it here.

Accessing the Training in BOSS
We are pleased to announce that the mandatory FINTRAC training program on Anti-Money Laundering created by M3 is now available in BOSS for you to view. This program is being made available for free to brokers.

Please see this document for the detailed steps on how to access the training and complete the quiz in the BOSS Learning Center. The quiz consists of 10 questions and brokers must achieve a score of 60% or above to succeed. If they score below 60%, they must take another quiz with new questions until they obtain 60% or higher. Note that brokers need a BOSS account to be able to follow this training program in the BOSS Learning Center. If they take the course in BOSS, training completion will be tracked in the system for reporting to FINTRAC.

Due to the overwhelming requests for BOSS accounts, please note the following:

  • Deadline for BOSS accounts for the purpose of accessing the Anti-Money Laundering Training is August 15th, 2024.
  • The processing wait time for accounts is now 4 – 6 weeks due to the overwhelming response from the network and the high number of requests.
  • BOSS accounts requested before August 15th will be processed in the next 4 – 6 weeks and then you will have access to the training.

The MPC course is available for those who wish to avoid this wait time and complete the mandatory training.

Please refer to the below previous communication for more information about the mandatory training.

If you do not have a BOSS account and you would like to sign up, please email csm_team@m3-tech.ca

MPC’s Training Program
MPC has also provided a training program available at a cost of $99 for members and $149 for non-members that can be accessed via the MPC website. If brokers choose to follow this training, they will need to provide their principal broker, with their certificate of completion by October 11, 2024. Any brokerage may be audited by FINTRAC.

Details

Date:
October 11