Compliance, Security & Consumer Protection Hub
Upholding the Highest Legal, Regulatory, and Anti-Money Laundering Standards across Canada.
Kraft Mortgages Canada Inc. operates under tri-provincial licensure — licensed by the British Columbia Financial Services Authority (BCFSA), the Real Estate Council of Alberta (RECA), and the Financial Services Regulatory Authority of Ontario (FSRA). Our operational transparency and rigorous compliance framework ensure every client interaction meets the highest legal and regulatory standards. Our National Head Office in Surrey, BC, serves as the centralized hub for compliance oversight, privacy governance, and anti-money laundering operations.
Federal Identity Verification Under PCMLTFA
Kraft Mortgages Canada Inc. is a designated Reporting Entity under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Federal law requires us to verify the identity of every client before providing mortgage services. The following three methods are legally approved for remote client onboarding.
Government-Issued Photo ID with Digital Forensic Document Validation
Client presents a valid government-issued photo identification document. Document undergoes digital forensic validation to confirm authenticity, detect tampering, and verify security features. Combined with a biometric liveness/selfie test to confirm the client is the rightful holder of the identification.
Credit File Method
Verification is completed by matching the client's legal name, residential address, and date of birth against an active Canadian credit bureau file that has been in continuous existence for a minimum of three years. This method leverages established credit history as a reliable identity anchor.
Dual-Process Method
Identity is confirmed by cross-referencing two separate, independent, and reliable data sources. Each source must confirm the client's existence and identity, providing dual-layer verification that satisfies federal regulatory requirements for client onboarding.
Beneficial Ownership & Corporate Due Diligence
Kraft Mortgages Canada Inc. conducts mandatory Beneficial Ownership checks on all corporate structures to ensure full compliance with federal and provincial anti-money laundering regulations.
Ownership Identification
- Every corporate client is subject to a comprehensive Beneficial Ownership verification
- Must identify every natural person who controls or owns 25% or more of voting shares or operational units
- Identification includes full legal name, date of birth, residential address, and citizenship
- Shareholding structures, trust arrangements, and nominee relationships are fully documented
Real-Time Verification
- High-risk federal corporations are verified in real-time against the Corporations Canada database
- Cross-referencing against OFSI sanctions lists and PEP databases
- Enhanced due diligence triggers for politically exposed persons and high-risk jurisdictions
- Ongoing monitoring of corporate structures for changes in beneficial ownership
Provincial Consumer Protection Standards
Each province in which we operate enforces distinct consumer protection regulations. Kraft Mortgages strictly adheres to — and in many cases exceeds — the minimum standards required in each jurisdiction.
British Columbia
- No Client Trust Funds Held policy — client funds are never held by the brokerage
- Dual Agency prohibition — clear, single-agency representation for every client
- Full transparency on all lender compensation and broker fee disclosures
Alberta
- Mandatory Written Service Agreements before any data collection or credit pulls
- Explicit agency classification disclosed prior to engagement
- Detailed scope-of-services and fee-structure documentation required by law
Ontario
- Comprehensive suitability assessments for every mortgage recommendation
- Material Risk Disclosures for alternative, private, and complex mortgage products
- Strict compliance with Ontario's Financial Services Regulatory Authority standards
Compliance & Security Questions
Answers to common questions about our regulatory obligations, consumer protection standards, and data security practices.
Questions About Compliance or Your Rights?
Our Principal Broker & Designated Compliance Officer is available to address any questions regarding our regulatory obligations, your consumer protection rights, or our data security practices.