British Columbia notaries

British Columbia notaries public and British Columbia notary corporations must fulfill specific obligations as required by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations to help combat money laundering and terrorist activity financing in Canada. For the purpose of the PCMLTFA, a British Columbia notary public is a person who is a member of the Society of Notaries Public of British Columbia; and a British Columbia notary corporation is an entity that carries on the business of providing notary services to the public in British Columbia in accordance with the Notaries Act, R.S.B.C. 1996, c. 334.

As a British Columbia notary public or a British Columbia notary corporation (collectively referred to as British Columbia notaries), you have obligations as required by the PCMLTFA and associated Regulations when you engage in any of the following activities on behalf of a person or entity, or give instructions on behalf of a person or entity in respect of:

If you are a British Columbia notary public that is acting in the capacity of an employee of a British Columbia notary corporation, the obligations described below are the responsibility of your employer, with the exception of submitting suspicious transaction reports (STRs) to FINTRAC, which is applicable to both you and your employer.

British Columbia notaries are responsible for the following requirements under the PCMLTFA and associated Regulations.

*Note: On June 1, 2021, regulatory amendments, which will create or change obligations for all reporting entities (REs) subject to the PCMLTFA and associated Regulations, will come into force. FINTRAC expects that REs will comply with the amended Regulations, but will exercise flexibility in assessing and enforcing compliance with certain record keeping and reporting requirements. See the Notice on forthcoming regulatory amendments and flexibility for more information.

Table 1—Summary of requirements for BC notaries
Category of requirement under the PCMLTFA and associated Regulations Requirements
Compliance program

British Columbia notaries must implement a compliance program. A strong compliance program will form the basis of meeting all your regulatory requirements. For more information, see Compliance program requirements and the Risk assessment guidance.

Know your client

British Columbia notaries must verify the identity of persons and entities for certain activities and transactions, and carry out other customer due diligence activities, as described below:

When to verify the identity of persons and entities
British Columbia notaries must verify the identity of persons or entities for certain transactions and activities. For more information, see When to verify the identity of persons and entities – British Columbia notaries.

Methods to verify the identity of persons and entities
British Columbia notaries must verify the identity of persons and entities using the methods prescribed by the PCMLTFA and associated Regulations.For more information, see Methods to verify the identity of persons and entities.

Business relationship requirements
British Columbia notaries enter into a business relationship with a client the second time they are required to verify the identity of that client. For more information, see Business relationship requirements.

Ongoing monitoring requirements
British Columbia notaries have ongoing monitoring requirements when they enter into a business relationship with a client. For more information, see Ongoing monitoring requirements.

Beneficial ownership requirements
British Columbia notaries must obtain and take reasonable measures to confirm the accuracy of beneficial ownership information for entities. For more information, see Beneficial ownership requirements.

Third party determination requirements
British Columbia notaries have third party determination requirements when they are required to submit certain reports and keep certain records. For more information, see Third party determination requirements.

Politically exposed persons (PEP) and heads of international organizations (HIO) requirements
British Columbia notaries are required to take reasonable measure to make PEP and HIO determinations for certain activities or transactions. If a British Columbia notary determines that a person is a PEP or a HIO then they have additional related requirements. For more information, see Politically exposed persons and heads of international organizations guidance and Politically exposed persons and heads of international organizations guidance for non-account-based reporting entity sectors.

Reporting

British Columbia notaries must submit the following reports to FINTRAC:

Suspicious transaction reports
For more information, see:

Terrorist property reports
For more information, see:

Large cash transaction reports 
For more information, see:

Large virtual currency transaction reports
For more information, see:

24-hour rule

British Columbia notaries have 24-hour rule requirements for large cash transaction reports and large virtual currency transaction reports. For more information, see Transaction reporting guidance: the 24-hour rule.

Record Keeping

British Columbia notaries must keep certain records, including records related to transactions and client identification. For more information see Record keeping requirements for British Columbia notaries.

Ministerial directives

Ministerial directive requirements apply to all reporting entity sectors. For more information, see Ministerial directives and transaction restrictions.

Penalties for non-compliance

FINTRAC has the legislative authority to issue administrative monetary penalties (AMPs) to reporting entities that are found to be non-compliant with the PCMLTFA and associated Regulations. For more information, see Penalties for non-compliance.

Glossary

The FINTRAC Guidance glossary includes terminology defined in the PCMLTFA and associated Regulations, as well as terms used throughout the guidance. For more information, see FINTRAC's Guidance Glossary.

Date Modified: