PRESS RELEASE
FOR IMMEDIATE RELEASE
OACIQ-FINTRAC cooperation agreement
A better supervision of licensees through information sharing
[UPDATED MARCH, 28 2022]
Brossard, June 9, 2021 – A cooperation agreement between the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) will come into force on June 15, 2021. This agreement will help strengthen the Quebec real estate industry's compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, reduce duplication of effort between the two organizations, and make the compliance burden easier for those working in real estate brokerage in Quebec.
“The conclusion of this agreement with FINTRAC adds a new tool to the fight against money laundering," said Caroline Champagne, Vice-President, Enforcement of Practices at the OACIQ. "We are very proud of this partnership between the OACIQ and FINTRAC, which aims to strengthen the supervision and improve the oversight performed by both organizations."
Under the memorandum of understanding, FINTRAC and OACIQ will share compliance-related information, such as lists of persons and entities subject to their respective laws 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 enhance each organization’s knowledge and expertise regarding new and evolving risks and trends in the real estate field in Québec and across Canada.
"We are pleased to work with the Organisme d’autoréglementation du courtage immobilier du Québec to more effectively combat money laundering and terrorist activity financing in the real estate field. Together, we will strengthen oversight in this sector, reduce duplication of effort and help protect Canadians and Canada's economy,” said Sarah Paquet, Director and Chief Executive Officer of FINTRAC.
Over the past year, the OACIQ undertook several initiatives to counter financial crimes, including 32 training courses on money laundering and financial crimes related to real estate that have been accredited by the OACIQ and offered to real estate brokers as part of the Mandatory Continuing Education Program. Some twenty articles on best practices to prevent fraud, money laundering and economic crimes related to real estate are also available to licensees through the Organization’s intranet and newsletter.
A reporting form was also set up by the OACIQ. If anyone has any questions about a real estate transaction with a real estate broker, he or she can also contact the information centre Info OACIQ at 450-462-9800 or 1-800-440-7170. Information agents will determine whether or not a request for assistance should be made. The OACIQ reviews all requests for assistance received and takes appropriate action, which may include filing a disciplinary complaint against the broker concerned or imposing any other appropriate measure on him or her.
About the OACIQ
The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of members of the public who enlist the services of real estate brokerage professionals governed by the Real Estate Brokerage Act. It is a member of the Real Estate Regulators of Canada (RERC), an organization that brings together all Canadian regulators in the area of real estate brokerage, building inspection, and co-ownership property management for some provinces.
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For interviews or more information: medias@oaciq.com
