IT’S OFFICIAL – FINTRAC announced last week that all payment service providers are required to be registered as MSBs if they are providing:
invoice payment services when they act as an intermediary between a payer and a payee to make payments to invoices, such as those pertaining to utilities, payroll and commission, mortgage and rent, or tuition
payment services for goods or services when:
they receive payment instructions and act as an intermediary between a payer purchasing goods or services and a payee supplying goods or services;
the payer consents to make the payment for the goods or services through them; and
the payee has an agreement with them to have access to the transfers carried out as payment for the goods or services.
crowdfunding platforms that provide services to raise funds or virtual currency.
If you are not clear whether you fall into these categories or if you need help with registration or compliance program documents, The AML Shop is here to help. Contact us today via the button below.