Toronto, Canada, May 02, 2020 --(PR.com
)-- Today the Canadian Money Service Business Association (CMSBA) representing over 800 Money Service Businesses (MSBs) from around the country announced that they have sent a letter to the Prime Minister of Canada, the Minister of Finance and various local Members of Parliament requesting quick action and relief in helping its members gain access to competitive banking services from Canada’s Banks and Credit Unions.
The letter which is available to be read on the association website (www.canadianmsb.org) highlights that even though the industry has been deemed as an “essential service” by the Canadian Government many Canadian Banks and Credit Unions refuse to look at individual MSB companies and offer accounts based on a fair and an equitable application process. Rather these institutions simply refuse accounts to the vast majority of the MSB industry because they are deemed to be of high-risk of money laundering.
“Many of the business in our association go far beyond FINTRAC requirements for Anti-Money Laundering in their compliance programs,” says CMSBA Executive Director Joseph Iuso. “Still most of the Canadian Banks and Credit Unions do not look at offering our industry fair access to banking. In this time of global pandemic our members have an important role to play as many Canadians will be looking to transfer funds around the world in an efficient and cost-effective manner to those in need and to fulfill critical payments in the economic supply chain.”
The CMSBA encourages all its members to contact their local MP’s and ask for their assistance in securing fair banking services for the MSB industry.
About the CMSBA
The Canadian MSB Association (“CMSBA”) is a Not- for-Profit organization, established in 2012. Our members share a common vision to develop, evaluate, and disseminate information that fosters payments compliance as it relates to regulations affecting Canadian organizations in the Money Services Business. This includes: collaboration with all participating members to the benefit of all; an information sharing channel for all members to collaborate in complying with regulations and an advocacy channel for members as it relates to the regulations and compliance in Canada.