Financial transactions watchdog steps up action against money service businesses

Canada's financial intelligence agency revoked the registrations of 82 money service businesses in 2025-26, up from 12 the previous year.

The Financial Transactions and Reports Analysis Centre says it focused significant resources on the money services sector in the last year due to money laundering and terrorist financing risks associated with such businesses.

Fintrac notes in its annual report that businesses which exchange foreign currencies, transfer money, cash money orders or traveller's cheques, or deal in virtual currency must register with the centre before offering these services.

Individuals convicted of certain offences are ineligible to register a money service business, meaning a registration could be denied or revoked.

The report says the centre took "aggressive action" to address non-compliance in the sector, including illicit cryptocurrency activity, across Canada in the last year.

In addition to rescinding registrations, Fintrac imposed administrative monetary penalties totalling more than $198 million on nine money service businesses for a variety of violations.

This report by The Canadian Press was first published Oct. 26, 2026.

By Jim Bronskill | Copyright 2026, The Canadian Press. All rights reserved.