Under the Money-Services Businesses Act, the Financial Markets Administrative Tribunal may:
- At the request of the Autorité des marchés financiers, suspend or revoke the licence of a money-services business (s. 17).
- At the request of the Autorité des marchés financiers, impose an administrative penalty, which may not exceed $200 000 for each offence (s. 17).
- At the request of the Autorité des marchés financiers, for the purposes or in the course of an investigation, grant a freeze order (s. 50) and extend the order for a renewable period of 120 days (s. 51).
- Require a person to repay to the Autorité des marchés financiers the costs incurred in connection with the inspection or investigation (s. 56).
- Prohibit a person from acting as a director or officer of a money-services business (s. 57).
The Money-Services Businesses Act applies to any person or entity who operates a money-services business for remuneration.
The following services are considered to be money services:
- currency exchange;
- funds transfer;
- the issue or redemption of traveller's cheques, money orders or bank drafts;
- cheque cashing; and
- the operation of automated teller machines, including the leasing of a commercial space intended as a location for an automated teller machine if the lessor is responsible for keeping the machine supplied with cash.
For more information on money-services businesses and the regulations governing them, visit the website of the Autorité des marchés financiers.