<p>WATCH</p><p>▶️ ⁠⁠<a href="https://youtu.be/7XDd_1AcTZg" target="_blank" rel="noopener noreferer">⁠Watch this episode on YouTube⁠</a>⁠⁠</p><p>***</p><p> </p><p>EPISODE DESCRIPTION</p><p>In this episode, Dean and Justin Noda, A Better Way Group&#39;s Chief Compliance &amp; Operations Officer, launch our newest podcast series, Broker Armour.</p><p><br></p><p>Broker Armour is a new monthly podcast series focused on compliance and regulatory changes affecting Canadian Mortgage Brokers. The series aims to provide practical guidance and expert insights from regulators and industry professionals to help brokers navigate the increasingly complex regulatory landscape while maintaining compliance and protecting their businesses.</p><p><br></p><p>This first episode explores recent FINTRAC requirements and clarifies the distinct obligations between brokerages and individual agents.</p><p> </p><p>Dean &amp; Justin discuss:</p><p> </p><p>→ What to expect from the new &quot;Broker Armour&quot; podcast series, the Broker Armour checklist, and why a well-resourced compliance officer is essential, not optional.</p><p><br></p><p>→ FINTRAC 1 year later, annual training requirements, and current industry gaps.</p><p><br></p><p>→ Policy &amp; procedure manuals (PPM), FINTRAC examinations &amp; audits, and the potential for a 20x increase in penalties for failed audits.</p><p><br></p><p>→ Enhanced Due-Diligence: Client I.D., beneficial ownership, Politically Exposed Person (PEP), Head of International Organization (HIO), and sanction screening.</p><p><br></p><p>→ Reporting to FINTRAC: Suspicious Transaction Report (STR), the Listed Persons or Entity Property Report (LEPR), and if it&#39;s an agent or brokerages responsibility to file these reports with FINTRAC.</p><p><br></p><p>→ The ongoing monitoring of clients and record keeping.</p><p><br></p><p>→ What a risk-based assessment, RBA, means for brokerages, and their upcoming 2-year effectiveness reviews.</p><p>***</p><p><br></p><p><strong>CHAPTERS</strong></p><p>0:00 Intro</p><p>4:22 Introducing the Broker Armour Podcast</p><p>6:11 FINTRAC</p><p>9:02 FINTRAC Training</p><p>11:29 The Middle Ground of Compliance &amp; Over Compliance</p><p>14:52 The Broker Armour Checklist - Brokerage vs Agent Responsibility</p><p>15:57 The Crucial Role of Compliance Officers</p><p>19:52 Policy &amp; Procedures Manuals (PPM)</p><p>24:26 Risk-Based Assessment (RBA)</p><p>28:03 Annual Training Requirements</p><p>29:48 2 Year Effectiveness Review</p><p>32:37 Client I.D. &amp; Beneficial Owners</p><p>38:40 Politically Exposed Person (PEP) &amp; Head of International Organization (HIO)</p><p>45:51 Ongoing Monitoring &amp; Suspicious Activity</p><p>48:25 Record Keeping</p><p>49:32 Reporting to FINTRAC - Suspicious Transaction Report (STR) &amp; Listed Persons or Entity Property Report (LEPR)</p><p>53:05 FINTRAC Examinations or Audits</p><p>57:25 Current Industry Gaps</p><p>59:49 Wrap-Up</p><p>1:04:02 Outro</p><p>***</p><p> </p><p>CONNECT WITH THE SHOW</p><p>🎙️ The Mortgage Broker Podcast Podcast: <a href="https://linktr.ee/themortgagebrokerpodcast?utm_source=linktree_profile_share&ltsid=bf8c6904-a28b-4518-9662-645edb5ce53b" target="_blank" rel="noopener noreferer">⁠⁠@abetterwaymortgage⁠⁠</a></p><p>📺 The Mortgage Broker Podcast YouTube: <a href="https://www.youtube.com/@MortgageBrokerPodcastNetwork" target="_blank" rel="noopener noreferer">⁠⁠@MortgageBrokerPodcastNetwork⁠⁠</a></p><p>📝 The Mortgage Broker Podcast Blog: <a href="https://www.joinabw.ca/media" target="_blank" rel="noopener noreferer">⁠⁠@ABWMedia⁠⁠</a></p><p>***</p><p> </p><p>CONNECT WITH THE HOSTS</p><p>📋 Justin Noda&#39;s LinkedIn: <a href="https://www.linkedin.com/in/justin-noda-4b865719b/" target="_blank" rel="noopener noreferer">@JustinNoda</a></p><p>📋 Dean Lawton&#39;s LinkedIn: <a href="https://www.linkedin.com/in/dean-lawton-07184998/" target="_blank" rel="noopener noreferer">⁠⁠⁠@DeanLawton⁠⁠⁠</a></p><p>📋 Deryk Williamson&#39;s LinkedIn: <a href="https://www.linkedin.com/in/deryk-williamson-271697106/" target="_blank" rel="noopener noreferer">⁠⁠⁠@DerykWilliamson⁠⁠⁠</a></p><p>📋 Jason Marshall&#39;s LinkedIn: <a href="https://www.linkedin.com/in/jasonmarshallma/" target="_blank" rel="noopener noreferer">⁠⁠@JasonMarshall⁠⁠</a></p><p>***</p><p> </p><p>CONNECT WITH A BETTER WAY MORTGAGES</p><p>🔗 A Better Way Mortgages Website: <a href="https://www.joinabw.ca/" target="_blank" rel="noopener noreferer">⁠⁠www.joinabw.ca⁠⁠</a></p><p>📸 A Better Way Mortgages Instagram: <a href="https://www.instagram.com/abetterwaymortgages/" target="_blank" rel="noopener noreferer">⁠⁠@abetterwaymortgages⁠⁠</a></p><p>📋 A Better Way Mortgages LinkedIn: <a href="https://www.linkedin.com/company/dominion-lending-centres---a-better-way/?originalSubdomain=ca" target="_blank" rel="noopener noreferer">⁠⁠@ABetterWayMortgages⁠⁠</a></p><p>👥 A Better Way Mortgages Facebook: <a href="https://www.facebook.com/abetterwaymortgages/" target="_blank" rel="noopener noreferer">⁠⁠@ABetterWayMortgages⁠⁠</a></p><p>📬 A Better Way Mortgages Tuesday Mortgage Memo: <a href="https://www.joinabw.ca/abw-tuesday-mortgage-memo" target="_blank" rel="noopener noreferer">⁠⁠@ABWTuesdayMortgageMemo</a></p>