FINTRAC signs a Memorandum of Understanding with the Society of Notaries Public of British Columbia

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.

Quotes

"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."

Sarah Paquet, Director and Chief Executive Officer, Financial Transactions and Reports Analysis Centre of Canada

"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."

John Mayr, C.E.O. of The Society of Notaries Public of B.C.

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Media Relations
Financial Transactions and Reports Analysis Centre of Canada
613-947-6875

media.medias@fintrac-canafe.gc.ca

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