Regulatory Alerts2021-05-20
FINTRAC signs a Memorandum of Understanding with the Society of Notaries Public of British Columbia
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has signed a Memorandum of Understanding with the Society of Notaries Public of British Columbia to facilitate the sharing of compliance-related information and coordinate risk-informed examinations. This agreement aims to strengthen sector compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act while reducing regulatory duplication and compliance burdens for notaries public. By exchanging data on regulated entities and examination plans, both organizations will enhance their capacity to identify and mitigate emerging money laundering and terrorist financing risks across British Columbia and Canada.
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