The AML Shop’s Marcelle Dadoun is back with another article on Payment Services.
In our last article, we discussed the different types of services that qualify as “Payment Services” under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) which compel registration as a Money Services Business.
This week’s article will touch on the registration process.
There are two stages of registration with the Financial Transactions and Reporting Analysis Centre of Canada (FINTRAC): Stage one is pre-registration. Stage two is the registration itself.