Information for:
British Columbia notaries

Effective December 30, 2008, new requirements under the Proceeds of Crime (Money Laundering) Terrorist Financing Act (PCMLTFA) will apply to British Columbia notaries public (including notary corporations).

Your Obligations

If you are a British Columbia notary public or a British Columbia notary corporation, you have the following specific regulatory requirements under the PCMLTFA when you engage in any of the following activities on behalf of any individual or entity:

• receiving or paying funds (other than those received or paid for professional fees, disbursements, expenses or bail);
• purchasing or selling securities, real property or business assets or entities; or
• transferring funds or securities by any means.

If you are an employee of a reporting person or entity, these requirements are the responsibility of your employer except with respect to reporting suspicious transactions and terrorist property, which is applicable to both.

• Reporting
  • Suspicious Transactions
  • Terrorist Property
  • Large Cash Transactions
• Record Keeping
• Ascertaining Identity
• Third Party Determination
• Compliance Regime

Information for: British Columbia notaries (PDF version, 47 kb) 

Additional Information for British Columbia Notaries

• Penalties for Non-compliance
• FINTRAC Interpretation Notices

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Reporting

• Suspicious transactions
  You must report where there are reasonable grounds to suspect that a transaction or an attempted transaction is related to the commission or attempted commission of a money laundering offence or a terrorist activity financing offence.
  
  See Guideline 2: Suspicious Transactions and Guideline 3: Submitting Suspicious Transaction Reports to FINTRAC
  
  
• Terrorist property
  You must report where you know that there is property in your possession or control that is owned or controlled by or on behalf of a terrorist or a terrorist group.
  
  See Guideline 5: Submitting Terrorist Property Reports to FINTRAC
  
  
• Large cash transactions
  You must report large cash transactions involving amounts of $10,000 or more received in cash.
  
  See Guideline 7: Submitting Large Cash Transaction Reports to FINTRAC
  
  

Record Keeping

You must keep the following records:

• Large cash transaction records
• Receipt of funds records
• Copies of official corporate records (binding provisions)
• Copies of suspicious transaction reports

See Guideline 6J: Record Keeping and Client Identification for British Columbia Notaries

Ascertaining Identity

You must take specific measures to identify the following individuals or entities:

• Any individual who conducts a large cash transaction
• Any individual for whom you have to send a suspicious transaction report (reasonable measures and exceptions apply)
• Any individual or entity for whom you have to keep a receipt of funds record

See Guideline 6J: Record Keeping and Client Identification for British Columbia Notaries

Third Party Determination

Where a large cash transaction record is required, you must take reasonable measures to determine whether the individual is acting on behalf of a third party.

In cases where a third party is involved, you must obtain specific information about the third party and their relationship with the individual providing the cash.

See Guideline 6J: Record Keeping and Client Identification for British Columbia Notaries

Compliance Regime

The following five elements must be included in a compliance regime:

• The appointment of a compliance officer
• The development and application of written compliance policies and procedures
• The assessment and documentation of risks of money laundering and terrorist financing, and measures to mitigate high risks
• Implementation and documentation of an ongoing compliance training program
• A documented review of the effectiveness of policies and procedures, training program and risk assessment

See Guideline 4: Implementation of a Compliance Regime

Penalties for Non-compliance

Non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) Terrorist Financing Act may result in criminal or administrative penalties.

FINTRAC Interpretation Notices

FINTRAC issues FINTRAC interpretation notices (FINs) to provide technical interpretations and positions regarding certain provisions contained in the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

• The 24-hour Rule

For more information on your obligations and on FINTRAC, you can also consult our Frequently Asked Questions.