Deleted user
posted 3 years ago
Is there a requirement for Money Services Business (MSB) and their client entity to enter into a service agreement in Canada?
In Canada, an MSB is required to verify the existence of an entity when they enter into a service agreement because the MSB is required to keep a Client Information Record on the MSB which triggers the existence verification. It seems rational to me that The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) should have a requirement of when to have a service agreement because otherwise, one is under no obligation to perform the existence verification or obtain beneficial ownership which is important to prevent Money Laundering and Terrorist Financing. I was unable to find anything on it.
  • Canada
  • Banking and Financial
  • Corporate and Company

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