Money-Services Businesses

Montréal -On June 29, 2015, the Bureau de décision et de révision (the "Bureau") imposed an administrative penalty in the amount of $7,500 on the money-services business Devises Nationales and its respondent Giuseppe Muccari.

Violations were uncovered in the course of an inspection conducted by the Autorité des marchés financiers ("AMF") with respect to the firm's currency exchange activities. Among the violations acknowledged by the respondents, the Bureau noted the failure to keep books and records as stipulated under the Money-Services Businesses Act, failure to provide the AMF and its inspectors with the documents requested or failure to do so within the prescribed time period, and making misrepresentations to the AMF.

The Bureau stated that the violations under the Act were numerous and serious and added that the many omissions and misrepresentations by the respondents were totally incompatible with the legislator's objective of being able at all times to identify entities that exercise control over money-services businesses and their sources of financing.