The Quebec government has introduced new legislation to fight money laundering at the provincial level in the Assemble nationale. Bill 128, an Act to Enact the Money Services Businesses Act, will require that persons operating ATMs or providing currency, exchange, funds transfer, travellers cheque issuing and cashing, bank drat issuance or cheque cashing services, be registered by Quebec’s financial markets authority, the Authority des Marche financiers, before providing those services.
To be registered, the directors, officers and associates of prospective money services businesses in Quebec must be vetted and approved.
The AMF will also be responsible for the administration and enforcement of the new legislation. Once enacted, money services businesses have six months to apply for a license under the Money Services Businesses Act.
The Bill also amends Quebec’s Securities Act to make it an offence to engage in fraudulent trading in securities and to provide for protection from civil liability for whistleblowers.