FINTRAC's March 2026 MSB revocations: what was published and what it means for your registration

FINTRAC revoked a large number of money services business (MSB) registrations in the 2025-26 fiscal year, and several of those revocations were announced in March 2026. Earlier versions of this article gave day-by-day totals that FINTRAC and Finance Canada have not published. This version uses only figures from FINTRAC, Finance Canada and FINTRAC's public registry, and says where a figure is our own count.

What FINTRAC and Finance Canada have published

• Fiscal year total. In its 2025-26 annual report, published on 26 October 2026, FINTRAC reported that it revoked the registrations of 82 money services businesses in the fiscal year (1 April 2025 to 31 March 2026), up from 12 the year before. The report links the increase to businesses that did not respond to clarification requests or demands for information.
• 17 March 2026. In a statement on Canada's progress combatting money laundering, the Minister of Finance said that "today alone, there have been 23 revocations" of MSB registrations.
• The public registry. FINTRAC lists revoked registrations, with a revocation date for each entry, on its revoked registrations page.

What the registry showed for 24 March 2026

We downloaded the data behind FINTRAC's revoked registrations list on 30 October 2026 and counted entries by revocation date. Thirty-six entries carried a revocation date of 24 March 2026, and one more carried 25 March 2026. All 36 were Canadian MSBs rather than foreign MSBs. Thirty-one listed virtual currency among their services, and their initial registration dates ran from 2020 to 2025.

Three cautions apply to that count:

• It is a snapshot of a list that FINTRAC updates, so a later count can differ.
• Dates on the list do not always match the dates of public statements. For example, the list shows no entries dated 17 March 2026, the day of the Minister's statement.
• The list shows the revocation date and status, not the reason. It does not tell you why FINTRAC revoked any particular registration.

Figures of 51 revocations on 24 March 2026 and 86 in the first quarter of 2026 have circulated, including in earlier versions of this article. We could not find them in any FINTRAC or Finance Canada publication. The annual report gives 82 revocations for the whole fiscal year, so 86 in one quarter would not fit with it. Treat those two figures as unconfirmed.

What a revocation means

A revocation is FINTRAC removing an existing registration. It is not a fine, and it is not the same as a registration expiring or the business ceasing its activities. Once a registration is revoked, the business is no longer registered with FINTRAC as an MSB.

The Proceeds of Crime (Money Laundering) and Terrorist Financing Act sets out the grounds, which include:

• the business, or one of its leaders or owners, is not eligible to be registered (ss. 11.11 and 11.16)
• the business did not answer a clarification request within 30 days (s. 11.17)
• the business did not comply with a demand for information or did not give examiners reasonable assistance (s. 11.171)
• a change to the name or address of the Canadian service contact was not reported within 30 days (s. 11.13(2))

FINTRAC must give its decision and reasons in writing (s. 11.18). A business can ask the Director for a review in writing within 30 days after it receives the decision (s. 11.3(1)), and can then appeal to the Federal Court within 30 days of the Director's decision (s. 11.4(1)). The Act does not say that asking for a review suspends the revocation. The grounds and time limits are in the registration provisions of the Act, and FINTRAC explains how to apply on its reviews and appeals page.

Revoked, expired, ceased or denied

The registry uses several statuses, and they mean different things:

• Revoked: FINTRAC removed an existing registration.
• Expired: the business did not renew after the two-year registration period.
• Ceased: the business told FINTRAC it no longer offers registered services.
• Denied: an application was refused.

A business with a renewal pending stays shown as registered until FINTRAC processes it.

How to check the registry

1. Open FINTRAC's MSB registry and search by legal name, operating name or registration number.
2. Compare the status, expiry date, services, address and ownership shown against what the business actually does.
3. For a counterparty, also check the revoked registrations list, because a name that no longer appears as registered may appear there.
4. Record the date and a copy of what you saw, since the lists change.

FINTRAC states that registration does not mean it endorses or licenses a business. A registry entry shows status, not the quality of the compliance program behind it.

What an MSB should do to protect its registration

• Watch the contact details on file. FINTRAC sends requests to the contact person and address in its records. If nobody monitors that mailbox, a 30-day deadline can pass unnoticed.
• Keep a log of FINTRAC requests. Record the date received, the deadline, the owner and the date and method of the reply.
• Report changes on time. A registered MSB must report any change to the information in its application within 30 days (s. 11.13(1)). A business that stops a registered activity must notify FINTRAC within 30 days after stopping (s. 11.2).
• Screen for eligibility. Check directors, officers and owners of 20% or more before they are appointed and whenever ownership changes.
• Keep the compliance program working from registration. A registered MSB has compliance program obligations, including a risk assessment, written policies, training and a compliance officer.
• Review the program at least every two years. The review must be documented and its findings reported to a senior officer in writing within 30 days after it is completed. Our independent AML audit and AML compliance program services cover this work, and our AML advisory and MSB registration teams can help check registration details and respond to FINTRAC correspondence.

No review can guarantee that a registration will not be revoked, or that a revoked one will be reinstated.

Frequently asked questions

Did FINTRAC revoke 51 MSBs on 24 March 2026?

We cannot confirm that. When we counted FINTRAC's revoked registrations list on 30 October 2026, 36 entries had a revocation date of 24 March 2026. The figure of 51 does not appear in the FINTRAC or Finance Canada sources we reviewed.

How many MSB registrations did FINTRAC revoke in 2025-26?

Eighty-two, according to FINTRAC's 2025-26 annual report, compared with 12 in the previous year. That is about 6.8 times as many.

Why does FINTRAC revoke registrations?

The Act lists the grounds, including ineligibility, an unanswered clarification request, failure to comply with a demand for information or to assist examiners, and an unreported change to the Canadian service contact. The registry does not state the reason for each revocation.

Is a revocation a penalty?

No. A revocation removes the registration. An administrative monetary penalty is a separate enforcement measure, and FINTRAC can use either or both depending on the facts.

Can a revoked MSB challenge the decision?

Yes. It can ask the Director for a review within 30 days after receiving the decision and can then appeal to the Federal Court within 30 days of the Director's decision. The Act does not say a review request suspends the revocation, so the business should not assume it can keep operating.

Does FINTRAC approve my compliance program when it registers me?

No. FINTRAC states that registration does not mean it endorses or licenses the business. Registration confirms that the application was accepted, and the compliance program obligations apply from then on.