FINTRAC revokes 30 registrations of money services businesses between October and December 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 October 1 and December 31, 2022, FINTRAC revoked the registrations of 30 MSBs. Consult the updated list of businesses with revoked registration at: https://fintrac-canafe.canada.ca/public/registration-inscription-eng.FINTRAC Notice
Categories: Anti-Money Laundering Enforcement Actions FINTRAC Updates License Revocation Money Services Businesses
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