How Requested Changes Are Processed

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This page provides details on how we process a money-services business's (MSB) request for various changes to licence information.

Additions

New respondent

We must have the following documents in order to review a request to appoint a new respondent: 

  • form SM-25-V, Money-Services Business: Application to Change Licence Information;
  • form SM-3.A-V, Declaration of a Person Associated With a Money-Services Business;
  • an official document confirming the appointment of the new respondent (such as a resolution of the board of directors or shareholders, or a mandate [power of attorney] from the MSB operator).

We need to have a satisfactory security clearance report from the Surêté du Québec for any new respondent. You will be invoiced the fees associated with the issue of the report.

We will make the changes in the MSB's file once we have the security clearance report and payment of the fees.

New money service offered by the MSB

We must have a duly completed copy of the following forms in order to make the requested changes in the MSB's file and send you an updated licence:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application

If an MSB is adding "Operation of ATMs" to the money services it offers, we will send the decals (which serve as the licence) for each ATM operated. Refer to instruction sheet SM-22.1.G-V, Decal Instructions: Automated Teller Machines, to ensure you affix the decals properly.

Automated teller machines (ATMs) operated by the MSB

We must have a duly completed copy of the following forms in order to review the MSB's file:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application

We will update the MSB's file on completing our review and on receiving payment of the fees for the ATMs being added. We will also send the decals the MSB has to place on each ATM. Refer to instruction sheet SM-22.1.G-V, Decal Instructions: Automated Teller Machines, to ensure you affix the decals properly.

Person associated with the MSB

We must have a duly completed copy of the following forms in order to carry out the necessary review:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3.A-V, Declaration of a Person Associated With a Money-Services Business

We need to have a satisfactory security clearance report from the Surêté du Québec for each person being added as a person associated with the MSB. You will be invoiced the fees for each report requested.

We will make the changes in the MSB's file once we have the security clearance reports and payment of the fees.

Changes

Address

We will change the address in the MSB's file on receiving a duly completed copy of form SM-25-V, Money-Services Business: Application to Change Licence Information.

MSB's background information

We will review the changes being requested to the MSB's background information on receiving a duly completed copy of the following forms:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application

The changes may result in the MSB's licence being suspended or revoked, in which case we will notify you and update the MSB's file.

Respondent's information

We must have a duly completed copy of the following forms in order to make the requested changes in the MSB's file:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3.A-V, Declaration of a Person Associated With a Money-Services Business
MSB's list of employees who work in Québec and whose duties are unrelated to the offer of money services

We must have a duly completed copy of the following forms in order to make the requested changes in the MSB's file:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application
Information about the MSB's establishments

We must have a duly completed copy of the following forms in order to make the requested changes in the MSB's file:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application
Information about the financial institutions the MSB deals with

We must have a duly completed copy of the following forms in order to make the requested changes in the MSB's file:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application
Information about people associated with a lender that is neither a financial institution nor a natural person

We must have a duly completed copy of the following forms in order to make the requested changes in the MSB's file:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application

The changes may result in the MSB's licence being suspended or revoked, in which case we will notify you and update the MSB's file.

Information about automated teller machines (ATMs) operated by the MSB

We must have a duly completed copy of the following forms in order to make the requested changes in the MSB's file:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application
Information about a person associated with the MSB

We must have a duly completed copy of the following forms in order to carry out the necessary review and update the MSB's file:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3.A-V, Declaration of a Person Associated With a Money-Services Business

Removals/Withdrawals

Money services offered by the MSB

We must have a duly completed copy of the following forms in order to make the requested changes in the MSB's file and send you an updated licence:

  • SM-25-V, Money-Services Business: Application to Change Licence Information
  • SM-3-V, Money-Services Business Licence Application
Person associated with the MSB

We will carry out the necessary review and remove the person concerned on receiving a duly completed copy of form SM-25-V, Money-Services Business: Application to Change Licence Information.

Withdrawal of an MSB's licence to operate

We will withdraw the MSB's licence and send you a confirmation on receiving a duly completed copy of form SM-25-V, Money-Services Business: Application to Change Licence Information.

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