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)
Begin your process by supplying key business information. We'll use this to establish your company, register your MSB/FMSB, and create your AML Policies.
Fill out our detailed questionnaire for MSB/fMSB, which includes questions about your planned products, services, how you'll deliver these services, where you plan to operate, your target customers, and information about your team.
After completing the due diligence and finalizing your business model with you, we will request payment to begin the process.
We offer a variety of payment methods, including the option to pay with cryptocurrency.
We will handle every aspect of establishing a new business Including:
We will handle the preparation of all required documents and complete all necessary forms for submission to the Regulator.
After completing step 4, we will begin developing AML Policies and Procedures that are customized to your business model. This step ensures everything is in place for establishing banking relationships and staying regulatory compliant. Meanwhile, as we await a response from the regulator, we will focus on presenting a comprehensive and well-documented compliance program.
Following the establishment of AML Policies and Procedures and while awaiting feedback from the regulator, the next crucial step in your compliance program is implementing tailored Anti-Money Laundering and Terrorist Financing (AML/ATF). This training is designed to equip your team with the knowledge and skills necessary to effectively implement your AML/TF policies and comply with regulatory requirements.
After submitting the application, there's a waiting period for the regulator to review it. Based on our experience, this can typically range from 4 to 8 weeks, although it may vary. During this time, FINTRAC might ask for clarifications about the documents submitted, which we will address promptly on your behalf.
Once the company is registered as an MSB or FMSB, we will hand over all online access credentials to the designated representative of your company.
NOTE: The processing time for an MSB license application in Canada can vary, but it generally takes between 30 to 120 days