Reports are coming in from various Money Services Business that two Canadian Banks have gone the derisking route and have closed down MSB/MTO related bank accounts.
The two banks in question are:
- Buduchnist Credit Union http://www.buduchnist.com/
- Vancity Saving Credit Union https://www.vancity.com/
It seems the prospect of losing access to banking in Canada is getting all too real. Because the market is so small, MSB Friendly Banks are hard to discover and work with.
Everyone is maintaining a very small quote of MSBs and are shedding off the riskier MSBs or simply reducing the count.