FINTRAC information session for money services businesses engaged in providing payment services
Are you a money services business or foreign money services business that provides invoice payment services or payment services for goods and services?
Join us for a presentation and a question and answer session on:
- November 1, 2022 at 2 p.m. ET (English presentation)
- November 3, 2022 at 2 p.m. ET (French presentation)
The recent amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations resulted in FINTRAC retracting its previous policy positions (PI-7670) on merchant servicing and payment processing. As per these changes, certain businesses providing payment services must register with FINTRAC.
Money services businesses and foreign money services businesses engaged in providing payment services now have the following obligations:
- Registering with FINTRAC;
- Developing and maintaining a compliance program;
- Carrying out know your client requirements, including verifying the identity of persons and entities for certain activities and transactions;
- Keeping certain records, including records related to transactions and client identification; and
- Reporting certain transactions to FINTRAC.
There is no cost to participate in the forum. For more information and to participate, visit https://fintrac-canafe.canada.ca/notices-avis/2022-10-19-eng.FINTRAC email