In Canada, A Money Services Business (MSB) is a business that offers certain financial services, such as money transfers, currency exchange, or issuing traveler's checks or money orders. MSBs are subject to regulations and oversight by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to help prevent money laundering and terrorist financing activities. Examples of MSBs include currency exchange businesses, remittance companies, crypto currency exchanges or brokers, and check-cashing services.
For more information, see FinTRAC’s website on MSB’s:
https://fintrac-canafe.canada.ca/msb-esm/msb-eng
The registration process is overseen by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which is Canada's financial intelligence unit. Here are the general steps to register an MSB in Canada:
AMLI provides Money Services Business (MSB) Registration services in Canada, where FinTRAC is the primary Canadian regulator. We handle the entire application process, from collecting and submitting required information to drafting compliance documents. Our expertise includes MSB registration renewals, client onboarding with financial providers, and ensuring PCMLTFA compliance, all vital for establishing your presence in Canada. Trust AMLI for efficient and comprehensive support.
MSB/fMSB Registration
Regulatory Advice
Specialized Training
AML/ATF Policy Creation
FINTRAC Representation
MSB/fMSB Registration
Regulatory Advice
Specialized Training
AML/ATF Policy Creation
FINTRAC Representation
Bank Account Setup and/or Liquidity Provider
MSB/fMSB Registration
Regulatory Advice
Specialized Training
AML/ATF Policy Creation
FINTRAC Representation
Bank Account Setup and/or Liquidity Provider
Company Formation
Registered Business Address (6 Months)
NOTE: The processing time for an MSB license application in Canada can vary, but it generally takes between 30 to 120 days