domestic and foreign money services businesses

Money Services Businesses serving Canadian residents, from within or without Canada, must maintain a Money Services Business (MSB) registration with FINTRAC, as well as implement and maintain a program for compliance with AML legislation. For operations in Quebec, these entities may already be subject to that province's Money Services Business Act enforced by the AMF. Soon, we expect consultations to lead to similar supplemental provincial regulation in British Columbia.

The primary concern of MSBs is often access to financial services, which depends to a large extent on the demonstrated strength of their money laundering, terrorist financing, and sanctions compliance, as well as their risk management.

The AML Shop regularly assists MSBs with the development and review of programs to sastify the relevant regulators and financial services providers. We also provide a suite of outsourced compliance services, particularly targeted to large foreign MSBs without staff or locations in Canada.