Guide

FINTRAC KYC for Ontario mortgage brokers

Since October 11, 2024, Ontario mortgage brokers are FINTRAC reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. Brokerages need a compliance program, client identification using five prescribed methods, and record retention (typically 5 years for certain records). Hivi-X helps organize KYC documents and timestamps on the agent-controlled record; it does not file FINTRAC reports or replace your compliance program.

What changed in October 2024

Mortgage brokers joined a long list of reporting entities required to maintain AML compliance programs and client identification records. This runs parallel to — not instead of — FSRA identity and fraud-prevention obligations under the MBLAA.

FINTRAC Guide 11 sets out sector-specific expectations. Consult your principal broker, compliance officer, and qualified counsel for your brokerage program.

ID verification methods

FINTRAC prescribes methods for verifying client identity. Your brokerage compliance program defines which methods apply to your workflow and how records are stored.

Government-issued photo ID collection and retention.
Supporting documentation for source of funds where required.
Records producible on request — organized, timestamped, retrievable.

Record-keeping and retention

Certain records must be retained for prescribed periods — commonly five years for identification and transaction records under FINTRAC guidance. Scattered email attachments make retrieval painful during an audit.

Hivi-X stores borrower files on Canadian servers with encryption at rest and TLS in transit. Exportable packages support principal broker file review.

How checklists support evidence (not compliance filing)

Checklist-driven intake helps agents collect ID, source-of-funds documentation, and supporting disclosures in one borrower file with timestamped activity. Hivi-X does not certify FINTRAC compliance, automate verification, or file reports.

Organize borrower intake without the email chase

Reusable Ontario checklists, secure guest link (no account needed) or my-id.ca borrower uploads, and exportable packages alongside your LOS.

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FAQ

October 11, 2024. Mortgage brokers must maintain a compliance program and client identification records per FINTRAC guidance, in addition to FSRA supervision requirements.

No. Hivi-X helps organize borrower documents and timestamps on the agent-controlled record. It does not replace your brokerage compliance program or file FINTRAC reports.

General information only — not legal, compliance, mortgage brokering, or FINTRAC advice. Hivi-X is document-collection software, not a licensed mortgage brokerage, FSRA registrant, KYC verifier, or AML screening service. FSRA/FINTRAC obligations remain with your brokerage. Consult your principal broker, compliance officer, and qualified counsel. Last updated 2026-07-09.