AMF releases further details on the proposed regulatory framework under the Money-Services Businesses Act

December 22, 2011

In a news release published last week, the Autorité des marchés financiers (the AMF) stated that it anticipates that the Money-Services Businesses Act (the Act) will come into force on April 1, 2012, as will the Policy Statement to the Money-Services Businesses Act, the Regulation under the Money-Services Businesses Act and the related Regulation respecting Fees and Tariffs. The AMF also anticipates that all statutory and regulatory provisions dealing with the operation of automated teller machines will come into force on January 1, 2013.

The Act and regulations will require any person or entity who operates a money-services business for remuneration to hold a licence issued by the AMF and to disclose information about its directors, officers, partners, shareholders, branch managers, employees working in Quebec and certain types of lenders. The Act and regulations also set out the nature, form and content of the books, registers and records that a money-services business must maintain and preserve, as well as the requirements governing the identification of customers and co-contracting parties.

For purposes of the Act, the following services are considered to be money services:

  • currency exchange;
  • funds transfers;
  • the issue or redemption of traveller’s cheques, money orders or bank drafts;
  • cheque cashing; and
  • the operation of automated teller machines.

Click here for information with respect to the AMF’s latest adjustments to the draft Act and regulations. For further background information, see our posts of June 17, 2011, December 17, 2010 and November 12, 2010.

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