E-12.000001 - Money-Services Businesses Act

Section 65.1 Disposition versions

2024-05-07

65.1. A monetary administrative penalty of $500 in the case of a natural person or $1,500 in any other case may be imposed on a money-services business that, in contravention of

(0.1)  section 21.1, does not return its licence or a copy of its licence or does not withdraw a decal;

(1)  section 22, does not pay the fees determined by regulation;

(2)  the first paragraph of section 22.1, does not display its licence, a copy of its licence or a decal in the manner provided for in that paragraph;

(2.1)  the second paragraph of section 22.1, does not display its licence number in an application or on a website;

(3)  section 26, has failed to inform the Minister of any change in the information already filed to obtain a licence;

(4)  section 28, does not verify the identity of its customers or co-contracting parties;

(5)  the first paragraph of section 29, does not maintain and update its records and registers;

(6)  the second paragraph of section 29, does not make its records and registers available to the Minister;

(7)  the third paragraph of section 29, does not provide the Minister with technical assistance to facilitate the Minister’s inspection of the information contained in its records and registers;

(8)  section 30, does not keep the customer information it has on file for six years after the information is gathered;

(9)  section 32, fails to provide, within the specified time, any information or document requested by the Minister;

(10)  the first paragraph of section 34, does not notify the Minister of the cessation of its activities;

(11)  the second paragraph of section 34, does not comply with the conditions determined by the Minister;

(12)  section 35, has failed to hand its records, books and registers over to the Minister; or

(13)  section 16 of the Regulation under the Money-Services Businesses Act (chapter E-12.000001, r. 1), does not keep the information on its co-contracting parties for six years after such information is gathered.

2020, c. 5, s. 64; 2023, c. 30, s. 53; 2024, c. 11, s. 201.

2023-12-07

65.1. A monetary administrative penalty of $500 in the case of a natural person or $1,500 in any other case may be imposed on a money-services business that, in contravention of

(0.1)  section 21.1, does not return its licence or a copy of its licence or does not withdraw a decal;

(1)  section 22, does not pay the fees determined by regulation;

(2)  the first paragraph of section 22.1, does not display its licence, a copy of its licence or a decal in the manner provided for in that paragraph;

(2.1)  the second paragraph of section 22.1, does not display its licence number in an application or on a website;

(3)  section 26, has failed to inform the Minister of any change in the information already filed to obtain a licence;

(4)  section 28, does not verify the identity of its customers or co-contracting parties;

(5)  the first paragraph of section 29, does not maintain and update its records and registers;

(6)  the second paragraph of section 29, does not make its records and registers available to the Minister;

(7)  the third paragraph of section 29, does not provide the Minister with technical assistance to facilitate the Minister’s inspection of the information contained in its records and registers;

(8)  section 30, does not keep the customer information it has on file for six years after the information is gathered;

(9)  section 32, fails to provide, within the specified time, any information or document requested by the Minister;

(10)  the first paragraph of section 34, does not notify the Minister of the cessation of its activities;

(11)  the second paragraph of section 34, does not comply with the conditions determined by the Minister;

(12)  section 35, has failed to hand its records, books and registers over to the Minister; or

(13)  section 16 of the Regulation under the Money-Services Businesses Act (chapter E-12.000001, r. 1), does not keep the information on its co-contracting parties for six years after such information is gathered.

2020, c. 5, s. 64; 2023, c. 30, s. 53; 2024, c. 11, s. 201.

The paragraph 2.1 of this section was not in force on 7 December 2023; see 2024, c. 11, s. 201 (1).

2021-09-13

65.1. A monetary administrative penalty of $500 in the case of a natural person or $1,500 in any other case may be imposed on a money-services business that, in contravention of

(1)  section 22, does not pay the fees determined by regulation;

(2)  section 22.1, does not display its licence or a copy of its licence in the manner provided for in that section;

(3)  section 26, has failed to inform the Minister of any change in the information already filed to obtain a licence;

(4)  section 28, does not verify the identity of its customers or co-contracting parties;

(5)  the first paragraph of section 29, does not maintain and update its records and registers;

(6)  the second paragraph of section 29, does not make its records and registers available to the Minister;

(7)  the third paragraph of section 29, does not provide the Minister with technical assistance to facilitate the Minister’s inspection of the information contained in its records and registers;

(8)  section 30, does not keep the customer information it has on file for six years after the information is gathered;

(9)  section 32, fails to provide, within the specified time, any information or document requested by the Minister;

(10)  the first paragraph of section 34, does not notify the Minister of the cessation of its activities;

(11)  the second paragraph of section 34, does not comply with the conditions determined by the Minister;

(12)  section 35, has failed to hand its records, books and registers over to the Minister; or

(13)  section 16 of the Regulation under the Money-Services Businesses Act (chapter E-12.000001, r. 1), does not keep the information on its co-contracting parties for six years after such information is gathered.

2020, c. 5, s. 64.