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ARTICLE · 05 APRIL 2012

Quebec’s Money-Services Businesses Act In Force April 1, 2012

Blake, Cassels & Graydon LLP
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Money-services businesses (MSBs) should already be aware that Quebec’s new Money-Services Businesses Act (the Act) came into force on April 1, 2012

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
Mena Bellofiore
Mena Bellofiore
Jacqueline Shinfield
Jacqueline Shinfield
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Money-services businesses (MSBs) should already be aware that Quebec's new Money-Services Businesses Act (the Act) came into force on April 1, 2012 for persons or entities offering the following money services for remuneration:

  • currency exchange;
  • funds transfer;
  • the issue or redemption of traveller's cheques, money orders or bank drafts; and
  • cheque cashing.

Ongoing compliance obligations under the Act came into force on April 1, 2012. However, MSBs have a six‑month transitional period (i.e. until October 1, 2012) in which to file an application with the AMF for a licence of the appropriate class(es) and may continue operating their MSB in the interim until the AMF renders a decision on the licence application.

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