• Deborah

On October 15, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) updated the categories or entities required to register as Money Service Business (MSB) or Foreign Money Service Business (FMSB).

The changes reflect the recent modification of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) tightening and defining the criteria of persons/entities not eligible to register as a MSB or a FMSB with FINTRAC.

The following cannot operate as MSB or FMSB:

  • An individual or an entity convicted of certain offences

  • Corporations. Corporations cannot register as an MSB or FMSB if its chief executive officer, president, or any of its directors is a listed terrorist or was convicted of certain offences.

  • Partnerships and other types of entities

  • A listed person or terrorist group

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