Federal Bill S-8 would tighten money services registration and large cash controls

Bill S-8 received first reading in the Senate on November 3, proposing tighter FINTRAC registration controls, new rules for virtual currency ATMs and restrictions on cash payments of $10,000 or more for specified businesses and transactions. It would also allow certain regulated entities to use personal information disclosed by law enforcement for anti-money-laundering purposes, subject to the bill's conditions. These are legislative proposals, not current compliance requirements, and businesses should follow the bill's progress before changing procedures.