FINTRAC Revokes More Than 25 MSB Registrations Over Address Non-Compliance
In a significant escalation of enforcement activity, FINTRAC revoked the registrations of more than 25 money services businesses over the past two months, citing non-compliance with registered address requirements. The sweep, which included 23 crypto-related MSBs cancelled in a single coordinated action in March 2026, signals that the regulator is moving beyond isolated penalties toward systemic enforcement.
Grounds for revocation included failure to respond to information requests in a timely manner, non-compliance with registration eligibility conditions, and failure to update relevant records. Among those affected were businesses with no physical presence in Canada at all, a clear indication that FINTRAC is actively scrutinizing whether registered addresses reflect genuine, accessible, and compliant business locations.
Grounds for revocation included failure to respond to information requests in a timely manner, non-compliance with registration eligibility conditions, and failure to update relevant records. Among those affected were businesses with no physical presence in Canada at all, a clear indication that FINTRAC is actively scrutinizing whether registered addresses reflect genuine, accessible, and compliant business locations.
Why a Registered Address Matters More Than You Think
A registered address is not simply an administrative detail. FINTRAC requires MSBs to maintain a real, accessible location where compliance records are securely stored and available for review. Virtual offices, shared office spaces, general-use addresses, and outdated registrations that no longer reflect actual operations have all become areas of active enforcement risk.
Finance Minister François-Philippe Champagne has characterized recent enforcement activity as a "significant acceleration of enforcement pace," and has signaled that the government will "continue to maintain this momentum," with virtual currency businesses, crypto ATMs, and foreign operators explicitly named as priorities. The message is clear: registration alone is no longer sufficient. MSBs must ensure that every element of their registration, including their address, remains current, accurate, and fully compliant.
How Approved MSB Can Help
Approved MSB Services, as the leading provider of comprehensive support services for MSB/FMSB companies registered in Canada, also offers compliant registered address services. Our service includes the maintenance of corporate and compliance documents at a compliant physical location, ensuring that your business is properly positioned in the event of a regulatory review or information request.*
If you are unsure whether your current registered address meets FINTRAC's standards, now is the time to find out.
*We are awaiting final confirmation from FINTRAC regarding specific address compliance standards.
A registered address is not simply an administrative detail. FINTRAC requires MSBs to maintain a real, accessible location where compliance records are securely stored and available for review. Virtual offices, shared office spaces, general-use addresses, and outdated registrations that no longer reflect actual operations have all become areas of active enforcement risk.
Finance Minister François-Philippe Champagne has characterized recent enforcement activity as a "significant acceleration of enforcement pace," and has signaled that the government will "continue to maintain this momentum," with virtual currency businesses, crypto ATMs, and foreign operators explicitly named as priorities. The message is clear: registration alone is no longer sufficient. MSBs must ensure that every element of their registration, including their address, remains current, accurate, and fully compliant.
How Approved MSB Can Help
Approved MSB Services, as the leading provider of comprehensive support services for MSB/FMSB companies registered in Canada, also offers compliant registered address services. Our service includes the maintenance of corporate and compliance documents at a compliant physical location, ensuring that your business is properly positioned in the event of a regulatory review or information request.*
If you are unsure whether your current registered address meets FINTRAC's standards, now is the time to find out.
*We are awaiting final confirmation from FINTRAC regarding specific address compliance standards.
