Renewing Your MSB Registration with FINTRAC: A Complete Guide for Canadian Businesses
Renewing your Money Services Business (MSB) registration with FINTRAC is more than a formality. Every two years, Canadian MSBs must complete the renewal process to remain compliant under the PCMLTFA. Missing the deadline can put licenses, banking access, and client trust at risk.
Why MSB Registration Renewal Matters
Every Money Services Business (MSB) in Canada operates under the oversight of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Registration is not optional; it is a legal obligation under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
Unlike incorporation, MSB registration is not permanent. It must be renewed every two years. Missing that renewal date is not a small administrative error, it can lead to deregistration, exposure to administrative monetary penalties (AMPs), and disruption of critical banking relationships.
For many businesses, renewal is also a strategic compliance checkpoint. It forces a review of ownership transparency, AML program effectiveness, and whether your risk-based approach is still aligned with FINTRAC’s expectations.
When to Renew Your MSB Registration
The Two-Year Cycle
Your FINTRAC MSB registration is valid for two years from the date it was first approved. You must submit your renewal before the expiry date to remain legally registered.
What Happens If You Miss the Deadline
If you submit your renewal on time, your registration remains active while FINTRAC processes it. If you fail to submit by the deadline, your status becomes Expired immediately. Once expired, you must reapply as a new registrant, a far more burdensome and time-consuming process.
Do Not Rely on Reminders
While FINTRAC has historically sent notices 30 days before expiry, businesses should not depend on this. The safest practice is to set internal reminders at 90, 60, 30, and 7 days before your renewal date.
How to Renew Your MSB Registration
Access the MSB Portal
Log in to the MSB Registration Portal using your credentials. Ensure login details are securely transferred if your compliance officer or administrator has changed.
Complete the Renewal Form
FINTRAC requires you to complete the Renewal Form online. This form is distinct from the Change Form, which must be used to update information (such as ownership or compliance contacts) within 30 days of any change.
Information You Must Confirm
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Business details: legal and trade names, addresses, and business activities.
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Ownership and control: information on directors, partners, and beneficial owners.
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Compliance officer: details of your designated CAMLO/MLRO.
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Attestation of compliance: confirmation that you continue to meet PCMLTFA requirements.
Proof of Submission
After submitting your renewal, retain the confirmation for your records. FINTRAC may later request evidence that you renewed on time.
Consequences of Failing to Renew
Expired Status
An expired registration means you cannot legally operate as an MSB. This status is visible in FINTRAC’s public registry, which banks and payment processors actively monitor.
Regulatory Penalties
Operating without valid registration exposes you to FINTRAC’s administrative monetary penalties. These penalties are public and can damage your reputation.
Business Disruption
While not automatic, an expired status often leads to frozen or closed accounts, loss of correspondent relationships, and reputational harm.
Renewal as a Compliance Checkpoint
Refresh Your Risk-Based Approach
Every renewal is a chance to revisit your RBA. Have your customer risk ratings, geographic exposures, or product risks changed since your last filing?
Effectiveness Reviews
FINTRAC expects MSBs to periodically review whether their AML program works in practice. Renewal is the ideal moment to conduct or outsource an Effectiveness Review.
Transaction Monitoring and Technology
If you provide remittance, foreign exchange, or crypto services, your monitoring systems should be tested regularly. Renewal preparation should include confirming thresholds, rules, and sanctions screening remain effective.
Training and Policy Updates
Staff training and compliance manuals should be updated annually. Renewal is the moment to confirm your program reflects the most recent FINTRAC guidance.
Best Practices for a Smooth Renewal
Start Early
Prepare at least 60 days in advance to allow time for ownership disclosures, internal reviews, and corrections to your compliance program.
Keep Records Updated Year-Round
Do not wait until renewal to file ownership or compliance officer changes. FINTRAC requires updates within 30 days — keeping information current makes renewal seamless.
Document Everything
Maintain internal records of renewal confirmation, program reviews, and board or executive approval of compliance changes.
Use Professional Support
Outsourcing renewals to compliance specialists ensures accuracy and minimizes risk. AML Incubator offers MSB Registration, CAMLO/MLRO Services, and Regulatory Remediation to support businesses through the process.
How AML Incubator Can Support Your Renewal
At AML Incubator, we provide complete support for MSBs, including:
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MSB Registration and renewals
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EDD Services for higher-risk customers
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Regulatory Remediation in cases of non-compliance
For further insights, explore our related blogs:
Renewing your MSB registration with FINTRAC is a regulatory requirement that doubles as a strategic compliance milestone, not just an administrative task. By preparing early, updating records consistently, and treating renewal as an opportunity to strengthen your AML program, you can safeguard your license, your banking access, and your reputation.
AML Incubator – Your Trusted Partner in Regulatory Excellence.
