Canada Revokes Licenses for 82 Money Services Firms
The federal agency stepped up enforcement in 2025-26 to combat rising levels of online fraud and money laundering.
Updated on Oct. 26, 2026 in Financial Crime
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FINTRAC revoked licenses for 82 money services businesses during the 2025-26 period while imposing $198 million in fines across nine separate entities. These actions represent a significant increase in regulatory enforcement aimed at curbing illegal activities across the nation.
Why it matters
The crackdown serves to address rising extortion and fraud, with cases increasing more than sixfold during the first four months of 2026. Authorities are tightening oversight of the 3,396 registered money services operations to prevent illicit use of financial systems.
FINTRAC issued 122 financial intelligence disclosures regarding extortion cases in the last year, while the RCMP seized $56 million in cryptocurrency in September 2025. The total scale of potential criminal involvement remains under investigation.
The players
FINTRAC
The Financial Transactions and Reports Analysis Centre of Canada serves as the nation's financial intelligence unit.
RCMP
The Royal Canadian Mounted Police is the federal and national police service of Canada.
Peken Global Limited
This money services business faced a multi-million dollar penalty for failing to report thousands of virtual currency transactions.
The details
FINTRAC identified non-compliance by monitoring financial transactions and requiring stricter reporting under the Bank Act. Peken Global Limited specifically received a $19.6 million penalty in July 2025 for failing to report 2,952 large virtual currency transactions.
Timeline
In 2023-24, FINTRAC revoked 17 money services business licenses.
In 2024-25, the agency revoked 12 money services business licenses.
Canadians reported $704 million in online fraud losses throughout 2025.
In July 2025, FINTRAC imposed a $19.6 million fine on Peken Global Limited.
The RCMP seized $56 million in cryptocurrency in September 2025.
Legal Context
The enforcement actions follow legislative changes to the Bank Act that mandate enhanced fraud detection and reporting for financial institutions. This approach mirrors a broader shift toward tighter scrutiny of financial networks to combat evolving money laundering methods.
Canadians who lost $704 million to online fraud in 2025 are seeing increased efforts by regulators to secure the financial ecosystem. Residents should monitor their personal accounts for suspicious activity as the government prepares to launch a new Financial Crimes Agency.
The takeaway
Maintaining compliance with financial reporting requirements is critical for businesses operating within the Canadian market. Individuals should remain vigilant against extortion and online fraud, which have seen significant spikes in recent months.
Further reading
For more information on national enforcement, read our coverage on Financial Crime.
Source note: This article includes information reported by National Post.
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