FINTRAC signs a Memorandum of Understanding with the Society of Notaries Public of British Columbia
From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
May 20, 2021, Ottawa ON
FINTRAC announced today that it has signed a Memorandum of Understanding with the Society of Notaries Public of British Columbia (The Society) to allow for the sharing of compliance-related information in order to help strengthen the compliance of the British Columbia notaries sector with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and to reduce duplication of effort and compliance burden for notaries public in British Columbia.
Under this Memorandum of Understanding, FINTRAC and The Society will share compliance-related information such as lists of person and entities subject to their respective Acts and Regulations as well as compliance examination plans resulting in more coordinated and risk-informed examinations.
The sharing of compliance-related information facilitated by this Memorandum of Understanding will also help to enhance the knowledge and expertise of each organization regarding new and evolving risks and trends in the notaries sector in British Columbia and across Canada.
"We are pleased to work with the Society of Notaries Public of British Columbia to more effectively mitigate money laundering and terrorist activity financing risks in the notaries sector. Together, we will strengthen oversight in this sector, reduce duplication and help to protect the safety of Canadians and security of Canada's economy."
"The Society of Notaries is looking forward to continued cooperation and enhanced sharing of information with the intent of seeking to eliminate money laundering and terrorist financing involving notaries public who are members of the Society. The Notaries Public of BC are reporting entities and the Society of Notaries Public looks forward to supporting notaries as they continue to contribute to FINTRAC compliance efforts."
- FINTRAC now has 15 active compliance Memoranda of Understanding with federal and provincial partners to strengthen its ability to ensure compliance across various sectors. These agreements allow FINTRAC to coordinate examinations with regulatory bodies and share the results, minimize overlap and the duplication of effort, and reduce the burden on Canadian businesses.
- In 2019–20, FINTRAC conducted 399 compliance examinations across the country.
- As Canada's financial intelligence unit and anti-money laundering and anti-terrorist financing regulator, FINTRAC ensures that businesses subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act comply with their obligations under the Act and its Regulations. The Centre also analyzes information and discloses financial intelligence to police, law enforcement and national security agencies to assist their investigations of money laundering, terrorist activity financing and threats to the security of Canada.
- In 2019–20, FINTRAC provided 2,057 unique disclosures of actionable financial intelligence in support of investigations related to money laundering, terrorist activity financing and threats to the security of Canada.
Financial Transactions and Reports Analysis Centre of Canada
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