FINTRAC signs a Memorandum of Understanding with the Organisme d'autoréglementation du courtage immobilier du Québec
From: Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
June 10, 2021, Ottawa ON
FINTRAC announced today that it has signed a Memorandum of Understanding with the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) to allow for the sharing of compliance-related information in order to help strengthen the compliance of the Quebec real estate sector with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, and to reduce duplication of effort and compliance burden for real estate brokerages in Quebec.
Under this Memorandum of Understanding, FINTRAC and the OACIQ will share compliance-related information such as lists of persons 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 real estate sector in Quebec and across Canada.
“We are pleased to work with the Organisme d'autoréglementation du courtage immobilier du Québec to more effectively combat money laundering and terrorist activity financing in the real estate sector. Together, we will strengthen oversight in this sector, reduce duplication and help to protect Canadians and Canada's economy.”
“The signing of this agreement with FINTRAC adds another tool in the fight against money laundering. We are very proud of the OACIQ's participation in this initiative designed to improve the effectiveness of oversight by each organization.”
- FINTRAC has 16 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, the largest number of which was focused on the real estate sector (146).
- 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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