BC attorney general opens door to background checks for money transfer/exchange businesses
B.C. Attorney General David Eby is considering a B.C. licensing system for money transfer and foreign exchange businesses, which are vulnerable to money launderers.
And court documents alleged the owner of one such business was also involved in an underground banking scheme to move millions from China to Canada.“It is certainly possible that any provincial registry would go beyond requiring the principles and the address … to be registered,” Eby said Monday. “It could include background checks and further information to ensure that the businesses are not being abused for the purposes of money laundering.
Across Canada, more than 800 money services businesses handle an estimated $39 billion a year. The federal government and the Financial Action Task Force, an international anti-money-laundering standards-setting agency, have identified the sector as highly vulnerable to money laundering.
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