domestic and foreign money services businesses

Money Services Businesses serving Canadian residents, from within or without Canada, must maintain a Money Services Business (MSB) registration with FINTRAC, as well as implement and maintain a program for compliance with AML legislation. For operations in Quebec, these entities may already be subject to that province's Money Services Business Act enforced by the AMF. Soon, we expect consultations to lead to similar supplemental provincial regulation in British Columbia.

The primary concern of MSBs is often access to financial services, which depends to a large extent on the demonstrated strength of their money laundering, terrorist financing, and sanctions compliance, as well as their risk management.

The AML Shop regularly assists MSBs with the development and review of programs to sastify the relevant regulators and financial services providers. We also provide a suite of outsourced compliance services, particularly targeted to large foreign MSBs without staff or locations in Canada.

Marcelle Dadoun - Principal, Program Design and Advisory
marcelle@theamlshop.ca
LinkedIn

Marcelle Dadoun, Principal, Program Design and Advisory leads The AML Shop's compliance program design division and provides advisory support to all reporting types, including new and evolving money services businesses, payment service providers and fintech clients looking to navigate local and international regimes for registration, licensing, and regulations. Additionally, she has developed and currently leads the Retail Payment Activities Act (RPAA) program division at The AML Shop. Read more.

Adam Feldman - Principal, Risk Management and Technology
adam@theamlshop.ca
LinkedIn

Adam Feldman leads The AML Shop's risk management and technology divisions as Principal, Risk Management and Technology.  As an experienced process engineer, Adam has a passion and talent for understanding, quantifying, and implementing efficient mitigation systems and processes across multiple industries and jurisdictions. Adam helps The AML Shop’s clients right size and optimize their compliance systems, processes and staffing, leveraging a toolbox of technology solutions. Read more.