Money Service Business

If you are a money services business (MSB), the obligations that apply to you include:

  • Registering your business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
  • Reporting to FINTRAC
  • Record Keeping
  • Identifying your clients, and knowing who your clients are
  • Having a comprehensive compliance regime

In Canada, you are an MSB if you are a business that offers any of the following services to the public sector:

  • Foreign exchange dealing
  • Money transferring
  • Cashing or selling money orders, traveler’s cheques or anything equivalent/similar

Obligations under the PCMLTFA

  • You must register your MSB
  • Have a comprehensive and effective compliance program in effect
  • Be thorough and know your client before engaging in any sort of business with them
  • Report any suspicious transactions, terrorist property, large cash transactions, electronic fund transfer
  • Record keeping

Services offered are:

  • AML/CTF Compliance Audit review

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