Sure. I'm happy to.
I'll start by talking about benefits more broadly and being a reporting entity under FINTRAC and then maybe turn to my colleagues. They can speak a bit more to the specific changes in the legislation and regulations.
The goal of having reporting entities is to ensure they are subjecting the clients they deal with to enhanced due diligence and ensure they are reporting suspicious transactions to FINTRAC. FINTRAC relies on all of those disclosures to form the basis of its intelligence, which it refers to the RCMP and other provincial police services to investigate and then to the prosecution service to prosecute.
We continuously, as a regime, evaluate where the risks exist in the regime and look to expand the number of reporting entities based on what level of risk they represent. As you've mentioned, over the past couple of years, we've broadened the number of reporting entities on a number of occasions, including for armoured cars and players in the mortgage sector and real estate sector, cognizant of the ML risk in that space.
I'll turn to my colleague Charlene. She can speak more specifically to the latest changes.