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唐朱昌
唐朱昌
教授,博士生导师。复旦大学中国反洗钱研究中心首任主任,复旦大学俄...
严立新
严立新
复旦大学国际金融学院教授,中国反洗钱研究中心执行主任,陆家嘴金...
陈浩然
陈浩然
复旦大学法学院教授、博士生导师;复旦大学国际刑法研究中心主任。...
何 萍
何 萍
华东政法大学刑法学教授,复旦大学中国反洗钱研究中心特聘研究员,荷...
李小杰
李小杰
安永金融服务风险管理、咨询总监,曾任蚂蚁金服反洗钱总监,复旦大学...
周锦贤
周锦贤
周锦贤先生,香港人,广州暨南大学法律学士,复旦大学中国反洗钱研究中...
童文俊
童文俊
高级经济师,复旦大学金融学博士,复旦大学经济学博士后。现供职于中...
汤 俊
汤 俊
武汉中南财经政法大学信息安全学院教授。长期专注于反洗钱/反恐...
李 刚
李 刚
生辰:1977.7.26 籍贯:辽宁抚顺 民族:汉 党派:九三学社 职称:教授 研究...
祝亚雄
祝亚雄
祝亚雄,1974年生,浙江衢州人。浙江师范大学经济与管理学院副教授,博...
顾卿华
顾卿华
复旦大学中国反洗钱研究中心特聘研究员;现任安永管理咨询服务合伙...
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上传时间: 2023-03-30      浏览次数:641次
Safe money services protect people from money laundering

 

https://thenelsondaily.com/news/safe-money-services-protect-people-money-laundering

 

People in B.C. can be confident that money services businesses they use will have greater oversight by the BC Financial Services Authority (BCFSA) as a new provincial regulator.

 

Money services businesses that deal in foreign exchanges, wire transfers, money orders, traveller's cheques or similar services outside of traditional financial institutions have been vulnerable to money laundering and other financial wrongdoings.

 

To help address this, the Province is introducing the Money Services Businesses Act to monitor and regulate these services through BCFSA.

 

"These businesses play an important role in B.C.'s financial system, and they provide accessible services to people with limited financial options, including low-income households and migrants sending money to their families in their home countries," said Katrine Conroy, Minister of Finance.

 

"By appointing a provincial regulator, we can monitor the local industry and keep bad actors out, so that people can have confidence in the services they're accessing."

 

Money services businesses will be required to register with BCFSA, which will require background checks and annual reporting, and will have investigative and enforcement powers to help protect people from unknowingly working with unregistered or criminally linked businesses.

 

"BCFSA is pleased to be working closely with the Ministry of Finance to establish provincial regulatory oversight of this segment of B.C.'s financial services sector," said Blair Morrison, CEO, BC Financial Services Authority.

 

"Although it's early days, we anticipate bringing forward more detailed background checks, increased registration criteria and other measures to safeguard confidence in money services businesses."

 

Money services businesses are regulated federally for anti-money laundering and counter-terrorist financing purposes by Canada's financial intelligence unit, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

 

Money services businesses are also required to register with FINTRAC. The Province's work will enhance these existing protections.

 

Through the new regulatory system, BCFSA will work to ensure that only suitable individuals and businesses participate in the industry, helping to prevent money laundering in British Columbia.

 

It addresses a recommendation in the Cullen Commission Final Report to expand the mandate of BCFSA to include the regulation of money services businesses.

 

Legislation is the first step in creating a new regulatory system. Details, including the deadline to register with BCFSA, are to be determined. The Province and BCFSA will work with businesses to prepare them in time to register as required.