FINTRAC update concerning foreign money services businesses

[TaylorWarden]

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Foreign money services businesses can register with FINTRAC in advance of June 1, 2020.

The Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations were amended in June 2019 to include foreign money services businesses (FMSBs) that provide and direct services to people in Canada. Starting June 1, 2020 these businesses will be subject to obligations, which include the requirement to be registered with FINTRAC. FMSBs can now voluntarily register with FINTRAC in advance of June 1, 2020.

FINTRAC is committed to working with businesses to increase their awareness and understanding of their obligations. We are making it easier for FMSBs to comply with the registration requirement by providing a longer period of time leading up to June 1, 2020, when registration will become mandatory. Instructions on how to do so can be found at www.fintrac-canafe.gc.ca/msb-esm/fmsb-eng.

Please note that registered FMSB information will be made public on FINTRAC’s MSB registry on June 1, 2020.

As Canada’s financial intelligence unit and AML/ATF regulator and supervisor, FINTRAC plays a key role in helping to protect Canadians and the integrity of Canada’s financial system, consistent with its vision: Safe Canadians, Secure Economy.

 

 

[Chris_Reeves]

On 3/4/2020 at 9:24 AM, TaylorWarden said:

 

Conveniently, Ripple is not completing xborder remittances to Canada but I expect that to change with Sologenic coming online