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MSBs Scramble to Comply With Quebec’s New Registration Requirements
By Colby Adams
printMoney services businesses in Quebec are struggling to deal with the impact of unprecedented provincial registration and anti-money laundering requirements that took effect this year, say analysts. Since October, the new law-the first of its kind for any Canadian province-has required money services businesses (MSBs), currency exchangers and check cashers located in the province to obtain licenses from Quebec's financial markets authority (Autorit?© des march?©s financiers, or AMF), and to identify their directors, officers, associates, and other key employees. The law, which covers MSBs either headquartered or offering services in Quebec, also mandates that Quebec's provincial police force, the S?»ret?©...
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