Revenu Québec Now Responsible for Money-Services Businesses
Starting today, Revenu Québec is responsible for applying the Money-Services Businesses Act (MSBA).
Who is covered by the Act
The MSBA applies to any person or entity that operates a paid money-services business.
The following are money services:
- exchanging currency
- transferring funds
- issuing and redeeming traveller's cheques, money orders or bank drafts
- cashing cheques
- operating private automated teller machines (other than those from financial institutions)
The MSBA therefore applies to businesses such as restaurants, bars, convenience stores with an ATM and currency exchanges.
Revenu Québec's new responsibilities
Beginning September 13, 2021, Revenu Québec will be responsible for:
- issuing money-services businesses licences
- conducting inspections and investigations
- keeping the public register of licenced money-services businesses
- educating, helping and guiding businesses
- ensuring quality service for businesses and applying the law fairly and justly
Obligations of money-services businesses
Money-services businesses must display their licence (or a copy) clearly in all of their establishments.
A business that operates ATMs must affix the required decals on each of its machines.
The public register of licenced money-services businesses will be available on our website as of September 23.
Our new responsibilities are in line with our mission and our fight against tax evasion, fraud and money laundering.
To learn more, click Money-Services Businesses.