BROKER ARMOUR #1: The Broker Armour Checklist with Justin Noda | #59 | Mortgage Broker Podcast

In this episode, Dean and Justin Noda, A Better Way Group's Chief Compliance & Operations Officer, launch our newest podcast series, Broker Armour. 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. This first episode explores recent FINTRAC requirements and clarifies the distinct obligations between brokerages and individual agents.   Dean & Justin discuss:   → What to expect from the new "Broker Armour" podcast series, the Broker Armour checklist, and why a well-resourced compliance officer is essential, not optional. → FINTRAC 1 year later, annual training requirements, and current industry gaps. → Policy & procedure manuals (PPM), FINTRAC examinations & audits, and the potential for a 20x increase in penalties for failed audits. → Enhanced Due-Diligence: Client I.D., beneficial ownership, Politically Exposed Person (PEP), Head of International Organization (HIO), and sanction screening. → Reporting to FINTRAC: Suspicious Transaction Report (STR), the Listed Persons or Entity Property Report (LEPR), and if it's an agent or brokerages responsibility to file these reports with FINTRAC. → The ongoing monitoring of clients and record keeping. → What a risk-based assessment, RBA, means for brokerages, and their upcoming 2-year effectiveness reviews. *** CHAPTERS 0:00 Intro 4:22 Introducing the Broker Armour Podcast 6:11 FINTRAC 9:02 FINTRAC Training 11:29 The Middle Ground of Compliance & Over Compliance 14:52 The Broker Armour Checklist - Brokerage vs Agent Responsibility 15:57 The Crucial Role of Compliance Officers 19:52 Policy & Procedures Manuals (PPM) 24:26 Risk-Based Assessment (RBA) 28:03 Annual Training Requirements 29:48 2 Year Effectiveness Review 32:37 Client I.D. & Beneficial Owners 38:40 Politically Exposed Person (PEP) & Head of International Organization (HIO) 45:51 Ongoing Monitoring & Suspicious Activity 48:25 Record Keeping 49:32 Reporting to FINTRAC - Suspicious Transaction Report (STR) & Listed Persons or Entity Property Report (LEPR) 53:05 FINTRAC Examinations or Audits 57:25 Current Industry Gaps 59:49 Wrap-Up 1:04:02 Outro *** CONNECT WITH THE SHOW 🎙️ The Mortgage Broker Podcast Podcast: https://linktr.ee/themortgagebrokerpodcast?utm_source=linktree_profile_share&ltsid=bf8c6904-a28b-4518-9662-645edb5ce53b 📺 The Mortgage Broker Podcast YouTube: https://www.youtube.com/@UC9vbY86dYJl3xjMFL7yXSXQ 📝 The Mortgage Broker Podcast Blog: https://www.joinabw.ca/media *** CONNECT WITH THE HOSTS 📋 Justin Noda's LinkedIn: https://www.linkedin.com/in/justin-noda-4b865719b/ 📋 Dean Lawton's LinkedIn: https://www.linkedin.com/in/dean-lawton-07184998/ 📋 Deryk Williamson's LinkedIn: https://www.linkedin.com/in/deryk-williamson-271697106/ 📋 Jason Marshall's LinkedIn: https://www.linkedin.com/in/jasonmarshallma/ *** CONNECT WITH A BETTER WAY MORTGAGES 🔗 A Better Way Mortgages Website: https://www.joinabw.ca 📸 A Better Way Mortgages Instagram: https://www.instagram.com/abetterwaymortgages/ 📋 A Better Way Mortgages LinkedIn: https://www.linkedin.com/company/dominion-lending-centres---a-better-way/?originalSubdomain=ca 👥 A Better Way Mortgages Facebook: https://www.facebook.com/abetterwaymortgages/ 📬 A Better Way Mortgages Tuesday Mortgage Memo: https://www.joinabw.ca/abw-tuesday-mortgage-memo *** Make sure to 🔔 SUBSCRIBE, 👍 LIKE, and 💬 COMMENT below to let us know what you think!