FINTRAC increases enforcement against Canadian money services businesses

Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Centre (FINTRAC), has significantly increased its enforcement actions within the money services sector. According to its annual report, the agency revoked the registrations of 82 money services businesses during the 2025-26 period, a substantial rise from 12 revocations in the previous year.

FINTRAC stated it directed significant resources toward this sector to mitigate risks associated with money laundering and terrorist financing. The agency’s aggressive actions targeted non-compliance, including illicit cryptocurrency activities. Under Canadian regulations, entities providing foreign exchange, money transfers, or virtual currency services must register with the centre to operate legally.