On September 5, the LSO released a Notice to the Profession flagging that starting on October 1, 2025, title insurers will become reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Consequently, this change introduces new anti-money laundering (AML) compliance obligations for title insurers that will directly affect real estate lawyers, specifically in how they obtain and disclose client information, verify client identities, and manage risks in real estate transactions.
For more information, click here.