An investigation by IJF and CTV National News has uncovered a concerning trend in Canada where multiple money services businesses (MSBs) are registered at the same address, often without the knowledge or consent of the actual occupants.

This practice, which includes foreign currency dealers, money transfer businesses, and cryptocurrency exchanges, raises red flags for potential money laundering and terrorist financing. Financial crime experts warn that this goes against the spirit of Canada’s registration requirements for high-risk businesses, with some of these MSBs allegedly involved in fraudulent investment schemes.

The investigation highlights critical gaps in Canada’s enforcement regime, allowing potential financial criminals to exploit the system.