Have a compliance regime

As a money services business (MSB) operating in Canada, you have to establish and maintain a compliance regime.

A compliance regime is everything that you have to put in place to make sure that you meet all of your registration, reporting, record keeping, client identification, and risk management obligations. You have to make sure all of this is written down, monitored and kept up to date.

If you do not meet all of your compliance regime obligations, you may be assessed penalties or incur other consequences.

Elements of a compliance regime

You must clearly demonstrate the following five elements in your compliance regime.

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