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FINTRAC says “buh-bye” to 32 MSBs for not living up to AML requirements

FINTRAC revokes 32 registrations of money services businesses between April and September 2022

Money services businesses (MSBs) operating in Canada have legal obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act(PCMLTFA) and associated Regulations, including keeping records, verifying their clients’ identity, implementing a compliance regime, reporting certain types of financial transactions to the Centre and registering their business with FINTRAC.

FINTRAC verifies the compliance of businesses subject to the Act and has the legislative authority to revoke a money services business’ registration as per sections 11.1(2) and 11.17(2) of the PCMLTFA. A registration can be denied or revoked if the MSB does not reply to a clarification request or if the MSB is not eligible for registration.

Between April 1 and September 30, 2022, FINTRAC revoked the registrations of 32 money services businesses. See the list of businesses whose registration was revoked.


List of revoked MSB licensees

Categories: Anti-Money Laundering Enforcement Actions FINTRAC Updates License Revocation Money Services Businesses


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