Anti-money‑laundering rules for property and title insurers

Summary#

These are proposed changes to the rules that implement the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The amendments would add record‑keeping and reporting requirements for property linked to sanctioned or listed people/entities, for title insurers, for private automated banking machines, for unrepresented parties in real‑estate deals, and for casino disbursement records. This is a proposal by the Department of Finance; the public can comment for 30 days after the notice.

What it does#

• Revises who counts as a “listed person or entity” for suspicious property reporting. It would explicitly include people or entities listed under the Special Economic Measures Act and the Justice for Victims of Corrupt Foreign Officials Act.
• Expands the required content of suspicious property reports (new and more detailed items in Schedule 2), including:
  • how the reporter learned the property was linked to a listed person,
  • detailed contact, ID and business information for the listed person or entity,
  • details about anyone holding property on their behalf, and recent transactions.
• Adds record‑keeping and identity‑verification duties for title insurers, including keeping a file for every title insurance policy with items such as legal description, purchase price, source of funds, lender details, and any liens.
• Sets new rules for private automated banking machines (private ATMs or PABMs):
  • Acquirers must keep detailed records about the machine owner/lessor/operator, the owner of the cash loaded into machines, settlement accounts, terminal IDs, make/model/serial, capacity, machine location, relationships between parties, source of cash and how cash is transported.
  • Applicants who register to provide acquirer services must give similar detailed information.
• Strengthens identity‑checking when some parties in a real‑estate transaction are unrepresented. If not all parties are represented, brokers must verify the identities of the unrepresented parties.
• Broadens obligations to check for politically exposed persons (PEPs) and to re‑check periodically. It adds more named professions and businesses (for example, real‑estate professionals, accountants, mortgage players, dealers in precious metals) to the list required to take these measures.
• Adds new casino reporting items (who a disbursement is received on behalf of) with ID and relationship details.
• Allows organizations to rely on agents or mandatary arrangements for corporate identity checks, but requires written agreements and transfer of verification records.
• Staged timing for when parts take effect. Some provisions come into force on registration; others depend on when sections of the Budget Implementation Act, 2023, No. 1 or the Fall Economic Statement Implementation Act, 2023 take effect. A large chunk of the rules would come into force on October 1, 2025.

Who's affected#

• Businesses and professionals most likely to notice:
  • title insurers,
  • real‑estate brokers and sales representatives, real‑estate developers,
  • mortgage administrators, brokers and lenders,
  • companies that provide acquirer services for private ATMs and owners/operators/lessors of those machines,
  • casinos and their compliance staff,
  • accountants, dealers in precious metals and precious stones,
  • British Columbia notaries (explicitly named),
  • government departments and their agents in certain roles.
• People buying or selling property, especially if they are not represented by a broker, may face extra identity checks and information collection.
• Entities that handle or load large amounts of cash into private ATMs will need to provide source and transport details.
• Anyone subject to sanctions or listed under the named federal laws could generate more detailed reporting if property is linked to them.

If it is unclear whether a particular role or business is covered, the proposal text lists many specific categories and the final regulation would provide the definitive list.

Why it matters#

• The changes aim to make it harder to hide property and money tied to sanctioned people, corrupt foreign officials, or terrorist groups by forcing more detailed records and checks.
• For consumers and small businesses: expect more identity checks and paperwork when buying property or dealing with private ATMs or title insurers.
• For the regulated industries: new record‑keeping and verification work, and possible changes to registration and compliance processes; some deadlines are phased in, with a notable date of October 1, 2025 for many requirements.
• Because this is a proposed regulation, the rules are not in force yet. Interested parties can comment within 30 days of the notice.