E-12.000001 - Money-Services Businesses Act

Section 29 Disposition versions

2023-12-07

29. A money-services business must maintain and update the following records and registers:

(1)  a register of the transactions it has conducted containing, among other things, customer identification information;

(2)  the records needed to identify its sources of liquidity;

(3)  an accounting register containing a balance sheet and an income statement;

(4)  a register of accounts and bank reconciliation reports;

(5)  a record containing the name, domiciliary address, telephone number and function of each of its officers, directors, partners and employees; and

(6)  any other record or register prescribed by regulation.

The records and registers must be kept in Québec and be readily available to the Minister. If they are kept by another person, such as a mandatary or a goods or services provider, who provides a service to the money-services business, they must be available to the Minister as if they were kept at the head office or an establishment of the money-services business.

However, a money-services business whose head office is situated outside Québec may keep its records and registers outside Québec, but the information they contain must be available for inspection, in an appropriate medium, at an establishment of the money-services business in Québec or in any other place designated by the Minister, and the money-services business must provide technical assistance to facilitate inspection of the information.

The records and registers must be maintained in such a manner so as to allow auditing.

2010, c. 40, Sch. I, s. 29; 2020, c. 5, s. 73; 2023, c. 30, s. 49.

2021-09-13

29. A money-services business must maintain and update the following records and registers:

(1)  a register of the transactions it has conducted containing, among other things, customer identification information;

(2)  the records needed to identify its sources of liquidity;

(3)  an accounting register containing a balance sheet and an income statement;

(4)  a register of accounts and bank reconciliation reports;

(5)  a record containing the name, domiciliary address and telephone number, and function of each of its officers, directors, partners and employees; and

(6)  any other record or register prescribed by regulation.

The records and registers must be kept in Québec and be readily available to the Minister. If they are kept by another person, such as a mandatary or a goods or services provider, who provides a service to the money-services business, they must be available to the Minister as if they were kept at the head office or an establishment of the money-services business.

However, a money-services business whose head office is situated outside Québec may keep its records and registers outside Québec, but the information they contain must be available for inspection, in an appropriate medium, at an establishment of the money-services business in Québec or in any other place designated by the Minister, and the money-services business must provide technical assistance to facilitate inspection of the information.

The records and registers must be maintained in such a manner so as to allow auditing.

2010, c. 40, Sch. I, s. 29; 2020, c. 5, s. 73.

2012-04-01

29. A money-services business must maintain and update the following records and registers:

(1)  a register of the transactions it has conducted containing, among other things, customer identification information;

(2)  the records needed to identify its sources of liquidity;

(3)  an accounting register containing a balance sheet and an income statement;

(4)  a register of accounts and bank reconciliation reports;

(5)  a record containing the name, domiciliary address and telephone number, and function of each of its officers, directors, partners and employees; and

(6)  any other record or register prescribed by regulation.

The records and registers must be kept in Québec and be readily available to the Authority. If they are kept by another person, such as a mandatary or a goods or services provider, who provides a service to the money-services business, they must be available to the Authority as if they were kept at the head office or an establishment of the money-services business.

However, a money-services business whose head office is situated outside Québec may keep its records and registers outside Québec, but the information they contain must be available for inspection, in an appropriate medium, at an establishment of the money-services business in Québec or in any other place designated by the Authority, and the money-services business must provide technical assistance to facilitate inspection of the information.

The records and registers must be maintained in such a manner so as to allow auditing.

2010, c. 40, Sch. I, s. 29.