OTTAWA, June 18 /CNW Telbec/ - All money services businesses will be
required to register with FINTRAC by June 23, 2008. This registration
requirement follows recent changes to the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act.
This new requirement is part of a larger package of regulatory changes
announced in December, 2007 by Finance Minister Jim Flaherty to strengthen
Canada's anti-money laundering and anti-terrorist financing regime
(http://www.fin.gc.ca/news07/07-105e.html). The new regulations bring Canada's
anti-money laundering and anti-terrorist financing regime in line with the
international standards set by the Financial Action Task Force, a G-8 created
body. The amendments also follow recommendations made in the 2004 Auditor
General's Report and in a 2004 Treasury Board-mandated evaluation of the
Registering with FINTRAC will be necessary to operate such a business in
A money services business is an individual or an entity that is engaged
in the business of any of the following activities:
- foreign exchange dealing;
- remitting or transmitting funds by any means or through any individual,
entity or electronic funds transfer network; or
- issuing or redeeming money orders, traveller's cheques or other similar
negotiable instruments. This does not include redeeming cheques payable
to a named individual or entity. In other words, cashing cheques made
out to a particular individual or entity is not included.
Customers of money services businesses should be aware that certain
transactions will require them to provide information such as identification.
More information regarding the legal requirements for money services
businesses can be found at http://www.fintrac-canafe.gc.ca/re-ed/msb-eng.asp
FINTRAC is an independent federal government agency with a mandate to detect,
deter and prevent, money laundering, terrorist financing, and threats to the
security of Canada. FINTRAC analyzes financial transaction reports and
discloses financial intelligence to investigative agencies where it has
reasonable grounds to suspect the information would be relevant to an
investigation of money laundering, terrorist activity financing or threats to
the security of Canada.
FINTRAC is part of Canada's Anti-Money Laundering and Anti-Terrorist
Activity Financing Initiative. The initiative is led by the Department of
Finance and includes the RCMP, CSIS, Public Safety Canada, Canada Revenue
Agency, Canada Border Services Agency, the Communications Security
Establishment and the Department of Justice.
For further information:
For further information: Peter Lamey, FINTRAC Communications, (613)