FINTRAC Revokes 82 Money Services Business Licences, up Nearly 600 Percent
The number of money services business licences revoked in Canada has jumped almost sixfold over the past year due to non-compliance, according to the country’s financial intelligence agency. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) said in its annual report that it revoked the registrations of 82 money services businesses in Canada […]
The number of money services business licenses revoked in Canada has increased by 583% in 2025-26, with 82 businesses having their registrations cancelled. This surge is attributed to non-compliance, specifically failure to respond to clarification requests or information demands. Additionally, FINTRAC imposed monetary penalties on businesses for violations such as inadequate compliance programs and failure to report large virtual currency transactions.
- Money services business licenses revoked in Canada increased by 583% in 2025-26.
- FINTRAC revoked 82 licenses in 2025-26, compared to 12 in 2024-25.
- Revocations were due to non-compliance, including failure to respond to information requests.
- FINTRAC also imposed monetary penalties for other violations, such as inadequate compliance programs and failure to report large virtual currency transactions.
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