Financial Transactions Watchdog Steps up Action Against Money Service Businesses
- Canada’s Financial Transactions and Reports Analysis Centre revoked 82 money service business registrations in 2025–26, compared with 12 the previous year.
- The agency said it devoted significant resources to the sector because of money-laundering and terrorist-financing risks.
- Businesses handling currency exchange, money transfers, certain financial instruments, or virtual currency must register before providing those services.
- The agency reported taking “aggressive action” against non-compliance, including more than $198 million in penalties against nine businesses.
29 Articles
29 Articles
The Toronto Star
Financial transactions watchdog steps up action against money service businesses
In addition to rescinding registrations, the financial transactions watchdog imposed penalties totalling more than $198 million on nine money service businesses for a variety of violations.
Federal agency reports nearly 600% increase in licences stripped from money services firms
OTTAWA — Canada's financial intelligence agency will report Monday that it stripped the licences last year of more than seven times as many money services operations as the previous year, part of an increased emphasis on a sector that can play a key role in money laundering and some other financial crimes.
Federal agency reports nearly 600% increase in licenses stripped from money services firms
OTTAWA — Canada’s financial intelligence agency will report Monday that it stripped the licences last year of more than seven times as many money services operations as the previous year, part of an increased emphasis on a sector that can play a key role in money laundering and some other financial crimes. The Financial Transactions […]
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