Understanding MSB Licensing Requirements in Canada

Quick answer: Canada doesn't issue a federal MSB licence. Instead, money services businesses must register with FINTRAC before they start operating, and renew every two years. Registration is free. Quebec is the exception: MSBs there also need a licence from Revenu Québec. To register, you need business and ownership details, a compliance officer, an AML program and criminal record checks for key people.

Is there an MSB licence in Canada?

Not at the federal level. People search for an "MSB licence", but what Canada actually requires is a FINTRAC registration. In practice, it works like a licence: you can't legally offer money services without it, you appear on a public register, and it can be revoked.

	Federal (all of Canada)	Quebec only
What you need	FINTRAC MSB registration	Revenu Québec MSB licence (in addition)
Cost	Free	Fees per service class
Valid for	2 years, then renew	Set by Revenu Québec

More on this in there's no such thing as an MSB licence in Canada.

Who needs to register as an MSB?

You're an MSB if you offer any money service in Canada as a business, for example:

• foreign exchange
• money transfers or remittances
• money orders or traveller's cheques
• crypto exchange or transfers
• crowdfunding platforms
• armoured cars
• cheque cashing
• private ATM services

Businesses outside Canada that serve people in Canada must register as a foreign MSB. Not sure? Read what is an MSB.

How to register an MSB in Canada: 6 steps

Step 1: Confirm you're an MSB

List every money service you offer, and whether you have a place of business in Canada (MSB) or serve Canadians from abroad (foreign MSB).

Step 2: Build your AML compliance program

FINTRAC expects a real, working program from day one:

• a compliance officer (CAMLO)
• written policies and procedures
• a risk assessment
• an ongoing training program
• an effectiveness review every two years

See the 5 pillars of an AML program.

Step 3: Gather your registration details

• Business and contact details, and every MSB activity you offer
• Your compliance officer's details
• Owners and controllers
• Criminal record checks for the CEO, president, directors and anyone owning or controlling 20% or more, issued within 6 months of applying by the country where each person lives, with a certified translation if needed
• Agents, if you use them

Step 4: Apply to FINTRAC online

Apply through FINTRAC's MSB registration system. There is no fee. Anyone asking you to pay FINTRAC to register is a scam. See the FINTRAC registration fee scam.

Step 5: Get your registration number

Once approved, you get a registration number and appear on FINTRAC's public MSB registry. Banks and partners will check it. You can too, with our free MSB registry search.

Step 6: Keep your registration valid

Tell FINTRAC about changes within 30 days, and renew every two years. See our MSB renewal guide.

How much does an MSB licence cost in Canada?

FINTRAC registration itself is free. Your real costs are:

• Compliance: building your AML program and paying a compliance officer, in-house or outsourced
• Criminal record checks for key people
• Quebec: Revenu Québec licence fees, if you operate there
• Ongoing costs: effectiveness reviews, training and screening tools

How long does MSB registration take?

FINTRAC doesn't publish a fixed timeline. It depends on how complete your application is and how quickly you answer FINTRAC's questions. Missing criminal record checks and unclear ownership are the most common causes of delay. See why FINTRAC is delaying your MSB application.

MSB licensing in Quebec

On top of FINTRAC registration, Quebec requires a licence from Revenu Québec for services such as currency exchange, funds transfers, money orders, cheque cashing and ATMs, including crypto ATMs. See does the province matter for MSB registration?

What you must do after registering

Know your clients

You must verify identities when:

• clients handle cash or crypto of CAD $10,000 or more, including smaller amounts that add up to $10,000 within 24 hours
• they send CAD $1,000 or more electronically
• they redeem negotiable instruments of CAD $3,000 or more
• you suspect money laundering or terrorist financing, whatever the amount

High-risk clients need enhanced due diligence.

Report to FINTRAC

• LCTR: large cash transactions
• LVCTR: large virtual currency transactions
• EFTR: international electronic funds transfers of $10,000 or more
• STR: suspicious transactions
• TPR: terrorist property

Keep records

Keep client ID, transaction and compliance records for at least five years.

What happens if you operate without registering?

Operating an unregistered MSB is an offence. Since March 26, 2026, FINTRAC penalties can reach $20 million for a very serious violation by a business, and FINTRAC publicly names businesses it penalizes. See what happens if you operate as an unregistered MSB.

Frequently asked questions

Is there an MSB licence in Canada?

Not federally. It's a FINTRAC registration. Quebec also requires a provincial licence from Revenu Québec.

How much does it cost to get an MSB licence in Canada?

FINTRAC registration is free. Your costs are building and running your AML program, criminal record checks, and Revenu Québec fees if you operate in Quebec.

How long is FINTRAC MSB registration valid?

Two years. Apply to renew before it expires. If you apply in time, you stay registered while FINTRAC processes it.

Can a foreign company get an MSB licence in Canada?

Yes. Businesses outside Canada that serve people in Canada register with FINTRAC as foreign MSBs.

What if my details change?

You must tell FINTRAC within 30 days, or your registration can be revoked.

How do I check if an MSB is registered?

Search FINTRAC's public MSB registry, or use our free MSB registry search.

Who can't register as an MSB?

For example, businesses whose leaders or owners are listed terrorists or have certain criminal convictions. See FINTRAC's eligibility rules.

AML Incubator registers MSBs with FINTRAC, builds their AML programs and provides outsourced compliance officers.

Get help with MSB registration

Related reading

• FINTRAC MSB Registration: The Complete 2026 Checklist
• What to Do When Your MSB Registration Expires
• Money Services Business (MSB) in Canada: Do You Qualify?

Sources: FINTRAC, MSB registration · Revenu Québec, MSB licence application