Financial Crime
March 18, 2025Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
March 18, 2025Definition:
The process of obtaining regulatory approval to operate as a financial service provider, including meeting specific conditions.
Contextual Explanation:
Payment providers and fintech firms must secure proper licensing to operate legally. PayCompliance assists in navigating licensing requirements.
Why It Matters:
Operating without a proper license can result in legal penalties, business shutdowns, and loss of customer trust.