FAQ
FINTRAC-OACIQ Memorandum of Understanding
If you have any questions about the memorandum of understanding between the two organisations, please read on to learn more about this agreement.
1- What is the FINTRAC-OACIQ Memorandum of Understanding?
The memorandum of understanding is an administrative agreement that sets out the information that the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) may voluntarily exchange, as well as the applicable terms and conditions.
2- What are the objectives of the OACIQ by entering into this agreement?
The aim of the FINTRAC-OACIQ memorandum of understanding is to strengthen the fight against money laundering and terrorist activity financing, in accordance with the OACIQ's mission to protect the public in the real estate brokerage field.
For this purpose, the agreement will be implemented in three areas:
- Strengthening the Quebec real estate industry's compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act
- Reducing duplication of compliance examination efforts for both organizations
- Making compliance burden easier for those working in real estate brokerage in Quebec
3- Which licensees could be affected by information sharing with FINTRAC?
All OACIQ licensees in the province of Quebec who are subject to Part 1 and 1.1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act may be subject to information sharing between the two organizations.
4- What kind of information could FINTRAC receive from the OACIQ under this agreement?
Should the OACIQ, during an inspection, find that a licensee is not acting in compliance with FINTRAC's requirements, it may notify FINTRAC, share its findings and follow up on them. The OACIQ may also provide FINTRAC with the names of licensees.
5- Could personal information be included in the information exchanged between FINTRAC and OACIQ?
Yes, under the Act respecting Access to documents held by public bodies and the Protection of personal information, the OACIQ can disclose personal information to FINTRAC if it is necessary for the application of the law.
However, the information provided will be treated confidentially and securely between the parties to ensure that it is used only as permitted by law.
6- Does a licensee need to authorize FINTRAC and the OACIQ to exchange information about him or her?
No, the two bodies can exchange information within the limits of the law without the consent of the person concerned.
7- When will this agreement come into force and for how long?
The agreement will come into force on June 15, 2021 and will remain in effect for an indefinite period between the parties.
- Reference number
- 208630
- Last update
- June 9, 2021