Money-Services Businesses

• Obtain a licence
  • Licence application in 6 steps
  • User Guide
  • Forms and appendices
  • AMF E-Services
     
• Regulatory Framework
  • Money-Services Businesses Act
  • Regulation
  • Policy Statement
  • Notices
  • Public Consultations
    • Consultations under way
    • Previous consultations
  • Background

The Money-Services Businesses Act requires that any person or entity who operates a money-services business for remuneration must hold a licence issued by the AMF.

Under the new framework, any person or entity operating a money-services business are required to hold a licence issued by the AMF, in addition to meeting certain obligations such as maintaining records and verifying the identity of customers.

Effective date

The Act came into force on April 1, 2012. Under the Act, any person or entity operating a money-services business for remuneration must hold a licence issued by the AMF. The following are considered to be money services:

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

The framework governing automated teller machines will become effective on January 1, 2013.

Transition period

Businesses already operating on April 1, 2012
A money-services business that is carrying on activities on the date the Act comes into force, namely, April 1, 2012, has six months as of that date to file, with the AMF, all the documents needed for the analysis of its licence application. If the business files its application within this period, it may continue to carry on activities until the AMF issues a decision regarding the licence.

New businesses
All new money-services businesses established in Québec after April 1, 2012 must hold a licence to be able to carry on activities. Consequently, they must file a licence application and await the AMF’s decision before offering any class of money service.

Exclusions

Persons or entities who operate a money services business but who are already governed by certain other laws (such as banks, credit unions and insurers) are not subject to the requirements of the new Act.

For more information :

Information Centre
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
Fax: 418-647-9963
information@lautorite.qc.ca