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ARTICLE · 03 AUGUST 2022

FINTRAC Issues Clarification Regarding Which Payment Service Providers Need To Register As MSBs

McCarthy Tétrault
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The Notice provides that FINTRAC is currently working with businesses to register certain payment service providers as MSBs or FMSBs.

CanadaGovernment, Public Sector
TechLex Blog
TechLex Blog
Ana Badour
Ana Badour
Shauvik Shah
Shauvik Shah
Daanish Pasricha
Daanish Pasricha
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On July 21, 2022, the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC") issued a notice (the "Notice") to clarify which payment service providers ("PSPs") are subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act ("PCMLTFA") and must register as money services businesses ("MSBs") or foreign money services businesses ("FMSBs").

Background

On April 5, 2022, amendments to the regulations under the PCMLTFA (the "Amendments") came into force that, among other things, expanded the scope of the PCMLTFA to capture crowdfunding platforms and certain PSPs (please refer to our previous blog post for more information regarding the Amendments).

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