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ARTICLE · 19 APRIL 2023

British Columbia Proposes Money Services Business Legislation

McCarthy Tétrault
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On March 29, 2023, the British Columbia ("BC") government introduced Bill 19-2023:Money Services Businesses Act (the "BC MSB Act") which will require money services businesses...

CanadaFinance and Banking
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
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On March 29, 2023, the British Columbia ("BC") government introduced Bill 19-2023:Money Services Businesses Act (the "BC MSB Act") which will require money services businesses ("MSBs") to register provincially in the Province of British Columbia with the BC Financial Services Authority ("BCFSA"), in addition to the requirement to register federally with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and in Quebec with Revenu Quebec. Establishing a separate BC MSB registration regime was one of the recommendations in the Cullen Commission report.

The MSB Act defines "money services" as (1) foreign exchange dealing, (2) remitting or transmitting funds, (3) issuing or redeeming traveller's cheques and money orders, and (4) services prescribed by regulation. Insurance companies, savings institutions, trust companies, securities dealers, casinos and Crown corporations will be exempt from the registration requirement.

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