MONEY LAUNDERING
ANTI-MONEY LAUNDERING TRAINING IS A REQUIREMENT
Chris Walker
Don’t Ignore the Penalties
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©iStockphoto.com/chrisboy2004
n 2021, educating a BC Notary includes a graduate degree
• Simon Fraser University’s Master of Arts in Applied Legal Studies; • the BC Notary Practical Training Course; • 105-hours of mentoring with a commissioned BC Notary; and • success in all associated statutory examinations. All those steps must be completed for eligibility for membership in The Society of Notaries as a commissioned BC Notary. Once commissioned, BC Notaries must remain in good standing through continuing education opportunities within a designated cycle. Once a BC Notary starts to practise, “other” training requirements emerge including those regulated under Canada’s Proceeds of Crime (Money Laundering) And Terrorist Financing Act and its associated Regulations. Those education and training requirements are defined and monitored by FINTRAC (Financial Volume 30 Number 1 Spring 2021
Transactions and Reports Analysis Centre of Canada) through its regulatory Guidance and examination/audit functions.
Once a BC Notary starts to practise, “other” training requirements emerge including those regulated under Canada’s Proceeds of Crime (Money Laundering) And Terrorist Financing Act and its associated Regulations. What Must Training Include? FINTRAC in its Compliance Program Requirements Guidance requires each reporting entity, in this case a Notary practice, to “develop, implement, and maintain an ongoing compliance training program if you have employees, agents, or other individuals authorized to act on the practice’s behalf. All individuals who deal with clients and/or transactions must be trained in relation to their function/ duties within the Notary practice.” The practice training program must be in writing, must be reviewed regularly, and kept The Scrivener | www.bcnotaryassociation.ca
current with all new enhancements, updates, and changes. At a minimum, FINTRAC expects that a Notary practice training program will include the following: ML/TF concepts and some background information on ML/TF in relation to your practice, for example, definitions of ML/TF, why criminals choose to launder money and how the process for ML/TF usually works. 1. Your practice compliance policies and procedures for preventing and detecting ML/TF, including your reporting, client identification, knowyour-client, and record-keeping obligations 2. The responsibilities of your employees, agents, or anyone else acting on your behalf when dealing with suspicious activities or transactions The training materials should include examples of how your particular practice could be used to launder illicit funds or fund terrorist activity. That information should help with the identification of suspicious transactions and may provide some assurance that your services are not being abused for ML/TF purposes. TABLE OF CONTENTS
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