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Operating a private lending business in Ontario involves wading through a legal and regulatory minefield. From the multitude of provincial and federal laws and regulations to the varied governmental bodies overseeing your business activities to the ever-changing case law fine tuning best practices, the private mortgage ecosystem is vast and complex.
Keeping track of new developments, such as the October, 2024 application to private lenders of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act is key to avoiding the hefty fines that go along with non-compliance. With DWC Law Group by your side, you can rest assured that your loan documents and procedures are keeping pace with new laws and regulations.
Assisting lenders with understanding licensing obligations under the Mortgage Brokerages, Lenders and Administrators Act
Implementing know-your-client and anti-money laundering compliance protocols
Completing and submitting FINTRAC reports through its Web Reporting System
Evaluating mortgage lending practices, procedures and documentation for consistency and compliance with legal and regulatory guidelines
Preparing internal policy documents for best practices
Drafting or amending lender agreements to reflect evolving legal standards
Training teams on legal obligations, risk areas, and compliance best practices