Title insurers need to be brought under anti-money laundering rules to fight against scam artists who impersonate homeowners to sell or mortgage their properties, a former insurance executive says.
Tim Hyde, who spent years in the title insurance business in Ontario, said dozens of cases involving impersonators in Ontario and B.C. showed the need for title insurers to be designated as “reporting entities” under Canada’s money laundering law.
Hyde has been lobbying the federal government for the changes alongside fellow lawyer Kevin Comeau and Denis Meunier, an anti-laundering consultant who previously worked at both the Canada Revenue Agency and Fintrac, Canada’s financial intelligence agency….