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As introduced by the Government of British Columbia today, BCFSA is pleased to be working closely with the Ministry of Finance to establish regulatory oversight of money services businesses (”MSBs“) in B.C.
Money services businesses are those that deal in foreign exchanges, wire transfers, money orders, travellers cheques, or similar services outside of traditional financial institutions. In recent years, they have been vulnerable to money laundering and other financial wrongdoings.
The Money Services Businesses Act will allow BCFSA to monitor and regulate MSBs, including reporting and record-keeping requirements. BCFSA has provided advice to the government in their consideration of this regulatory framework over the last several years.
BCFSA and the government plan to work with businesses to prepare them in time to register as required. There are approximately 578 money services businesses currently operating in British Columbia. Details, including the deadline to register with BCFSA, are to be determined, and we will continue to monitor the development of the Bill in the Legislature.
Consumers with concerns about a money services business should continue to contact FINTRAC.
Please see the news release from the Government of British Columbia for further information.
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).