Money-services business without a licence - Sylvain Brochu fined $6,000

Money-Services Businesses Decisions and Freeze and cease trade orders

Montréal - On December 21, 2015, Justice of the Peace Sylvie Desmeules of the Court of Québec, district of Saint-François, ordered Sylvain BrochuThe respondent Sylvain Brochu should not be confused with Sylvain Brochu, who holds certificate 165635 in insurance of persons and is attached to Combined Insurance. to pay a fine of $6,000.

Further to an agreement entered into by the parties, Sylvain Brochu pleaded guilty to one charge, namely, operating a money-services business in the currency exchange class without a licence issued by the Autorité des marchés financiers ("AMF").

The AMF had launched a penal proceeding against Sylvain Brochu in November 2014. It was the first proceeding launched by the AMF for violations under the Money-Services Businesses Act.

Money-Services Businesses Act

Since April 1, 2012, a business that offers any of the following services must hold a licence issued by the AMF: currency exchange, funds transfer, the issue or redemption of traveller's cheques, money orders or bank drafts, and cheque cashing. Since January 1, 2013, businesses that operate non-bank automated teller machines are also required to register with the AMF.

In addition to holding a licence issued by the AMF, businesses are required to meet certain obligations such as maintaining records and verifying the identity of customers. They are also subject to an AMF inspection program to ensure that they comply with the Act.

The AMF website carries a register of money-services businesses licensed to operate in Québec. Persons or entities that operate a money services business but are already governed by certain other laws (such as banks, financial services cooperatives and insurers) are not subject to the requirements of the Act.

The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.

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