Lawyers, notaries and accountants
Last updated on September 20, 2024Certain professions, such as lawyers, notaries and accountants may be more likely to come into contact with money launderers due to the nature of their work.
Learn more about how lawyers, notaries and accountants can help address money laundering in their profession.
New regulations for legal professionals
The new Legal Professions Act received Royal Assent in May 2024. Most of its provisions are not yet in force. When they come into force by regulation, all regulated legal service providers in B.C. will be regulated by a single regulator called Legal Professions British Columbia. The regulator will have the responsibility to make rules relating to anti-money laundering for lawyers, notaries, and regulated paralegals.
Law Society of B.C.
The Law Society of B.C. plays a significant role in eliminating money laundering within the legal services profession. The Law Society provides education and practice advice and offers professional development training in trust accounting to help minimize the risks of money laundering.
Learn more about the Law Society of B.C.’s anti-money laundering resources.
Society of Notaries Public of B.C.
British Columbia notaries public and British Columbia notary corporations must fulfill specific obligations and Regulations to combat money laundering in B.C. and Canada.
Visit Society of Notaries Public of B.C. to learn more about anti-money laundering for notaries public.
Fines
Under the current Legal Profession Act, the maximum fine amount for lawyers for misconduct is currently $50,000. Under the Notaries Act, the maximum fine amount for notaries public for misconduct is currently $5,000. When the new Legal Professions Act comes into force, the fines for misconduct for lawyers and notaries public will increase to $250,000.
Chartered Professional Accountants
Chartered Professional Accountants have an important role in combatting money laundering and financial crime in B.C. and in Canada. Professional accountants and accounting firms became reporting entities under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), subject to the Proceeds of Crime (Money Laundering) Terrorist Financing Act in 2000.
See Chartered Professional Accountants of BC for information about anti-money laundering. You can also learn about the Chartered Professional Accountants of Canada’s anti-money laundering resources.
Increased reporting requirements and regulations for accountants
The Province amended the Chartered Professional Accounting Act in Spring 2024 to provide more oversight for accounting professions, and ensure accountants are responsible for protecting public interest. For financial professionals not regulated by the Chartered Professional Accountants of British Columbia, government is undertaking a full sector analysis to determine if further regulation is required.