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 in 2025-26, up 583 percent from the 12 revoked in 2024-25.
FINTRAC said it revoked the 82 registrations for failing to respond to clarification requests or demands for information. Separately, the agency imposed administrative monetary penalties on money services businesses for violations including inadequate compliance programs, failure to register, and failure to report large virtual currency transactions….