GI-2024-27-reg4: Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Property Reporting, Title Insurers, Private Automated Banking Machines, Unrepresented Parties in Real Property or Immovables Transactions and Casino Disbursement Reporting)

Title insurers must now verify client identities and keep detailed records on every residential purchase they insure, including purchase price, source of funds, and mortgage details — a brand new compliance obligation for this sector. Financial institutions providing acquirer services for private ATMs must collect and record extensive information about machine owners, cash owners, operators, and settlement account holders before providing services. Real estate brokers must now verify the identity of unrepresented parties in transactions, and casinos face expanded disbursement reporting requirements for third-party recipients. These businesses will need to update their compliance programs, train staff, and potentially build new data collection systems to meet these requirements.