Revenu Québec's Role and Responsibilities With Regard to Money-Services Businesses and Regulatory Provisions
Revenu Québec's role and responsibilities with regard to money-services businesses (MSBs) are limited to those set out in the Money-Services Businesses Act (MSBA).
Under the MSBA, we issue the licences MSBs need to operate their businesses. We will make a decision on whether to issue a licence only after we have received the necessary security clearance reports from the Sûreté du Québec.
We do inspections, conduct investigations and take all measures necessary to ensure legislative compliance.
We also maintain a public register of licenced MSBs.
There are two regulations under the MSBA:
- Regulation under the Money-Services Businesses Act
- Regulation respecting fees and tariffs payable under the Money-Services Businesses Act
Regulation under the Money-Services Businesses Act
This regulation sets out some of the obligations related to the issue of a licence (for example, the form and content of a licence application) and obligations regarding required documents and deadlines. It provides details on the form and content of the books, registers and records an MSB has to keep, and sets out the rules on how those documents must be preserved. The cases, conditions and manner in which the identity of customers and co-contracting parties must be verified are also specified.
Regulation respecting fees and tariffs payable under the Money-Services Businesses Act
This regulation sets the licence fees and other fees and tariffs that apply to MSBs (including the fees and tariffs payable for the issue of a licence).