E-12.000001 - Money-Services Businesses Act

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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. 52020, c. 5, s. 64.