As of mid-2026

FINTRAC's Most Wanted

Failure to notify FINTRAC about a change in MSB registration status

We're at #9 on our FINTRAC's Most Wanted countdown.

Since last year three companies have been hit with penalties and countless others have had their registration suspended for one of the most avoidable mistakes in the book: Failure to notify FINTRAC about a change in MSB registration status.

It's not flashy, it's not even about laundering, it's just a simple administrative upkeep issue.

So if your company changes its legal name, moves to a new office, or updates a phone number, you have exactly 30 days on the clock to tell FINTRAC track about it.

One case recently saw a nearly $25,000 fine just because a firm changed its name and address and didn't update their records.

We've also seen almost 100 MSBs get their registrations revoked in part because of this, and so it's not even a monetary penalty it's arguably much worse because they can just pull the plug and and shut you down entirely.

FINTRAC views outdated registration as a major blow to their ability to supervise.

So, total transparency, Rhizome doesn't do anything to help you file your registration changes that's between you and FINTRAC, but we do care about your overall data hygiene so consider this your compliance PSA:

Go check your registration right now and make sure your email address that they have on file for you is one that you can get mail at!

Make sure the phone numbers work, adn that the address is current, and don't let an administrative issue be the reason you have to close up shop!

Reach out to us to see how we can help with the rest of your compliance program.