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AMF Examining Non-Quebec MSBs

It has been a requirement for some time that money services businesses (MSBs) operating in Quebec become licensed with the Authorité des Marchés Financiers (AMF). We have recently learned that the AMF has begun to examine MSBs that are licensed, but do not have a physical presence in Quebec. Our colleague Michael Garellek of Gowling WLG (Canada) LLP has issued a useful practice note (below) with useful tips.

Practice_note_of_Michael_Garellek (1)

MSBs should note that the examinations conducted by the AMF are similar (though not identical) to examinations conducted by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). We recommend that MSBs select a respondent in Quebec who is familiar with the AMF’s examination processes, and able to handle these types of requests on the MSB’s behalf.

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