MSB REGISTRATION SERVICES
Registering a Money Services Business (MSB) in Canada is a critical step to ensure compliance with FINTRAC regulations. AMLI provides expert assistance to streamline the registration process while meeting strict AML requirements.
What is a Money Services Business (MSB)?
In Canada, a Money Services Business (MSB) is an organization that provides financial services such as money transfers, currency exchange, or issuing traveler's checks or money orders. MSBs are regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to prevent money laundering and terrorist financing. Examples include currency exchange providers, remittance companies, cryptocurrency exchanges, brokers, and check-cashing services.
MSB Registration Service Packages
How AML Incubator Can Help with MSB Registration
By managing paperwork, guaranteeing adherence to FINTRAC guidelines, and effectively assisting companies with all regulatory requirements, AML Incubator expedites the MSB registration process.
Full Assistance Through the Registration Process
Every step of the MSB registration process is supported in-depth, including obtaining the necessary data, filling out forms, and submitting applications to guarantee adherence to AML and FINTRAC regulations.
Comprehensive Application Support
To guarantee that MSB applications are precise, comprehensive, and compliant with FINTRAC standards, comprehensive support is offered. This covers help with paperwork, preparing documents, and meeting legal and regulatory obligations.
Drafting and Reviewing Compliance Documents
To ensure compliance with FINTRAC regulations and other AML standards, professional assistance is given in the creation and review of AML policies, KYC/KYB procedures, and transaction monitoring frameworks.
Assistance with MSB Registration Renewals
The MSB registration renewal process is managed with assistance, which includes timely submission of renewal applications, updating compliance documentation, and guaranteeing ongoing adherence to FINTRAC regulations.
FINTRAC Representation
AMLI offers professional assistance with dealing with FINTRAC, including answering questions, overseeing regulatory audits, and making sure your company complies with all Canadian AML regulations.
Ongoing Regulatory Advice and Support
Businesses are given ongoing guidance to help them comply with the constantly changing FINTRAC regulations. This guidance includes risk assessments, AML policy updates, and professional advice on how to handle regulatory changes.
Steps and Timelines for MSB Registration
There are distinct steps in the MSB registration process, such as developing a compliance program, submitting an application, and conducting due diligence. Timelines for each step guarantee effective registration while fulfilling FINTRAC specifications.
Step 1: Due Diligence and Required Documentation
Duration: 1 WeekBegin 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.
Step 2: Payment Process
After completing the due diligence and finalizing your business model with you, AMLI will request payment to begin the process.
AML Incubator offers a variety of payment methods, including the option to pay with cryptocurrency.
Step 3: Full Turnkey Company Formation
Duration: 1 WeekAMLI will handle every aspect of establishing a new business Including:
Comprehensive Corporate Documentation Address for 6 Months
Step 4: Registration and Submission (3 Days)
Duration: 3 DaysAMLI will handle the preparation of all required documents and complete all necessary forms for submission to the regulator.
Step 5: AML/TF Policies and Procedures
Duration: 2 WeeksAfter completing step 4, AMLI 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, AML Incubator will focus on presenting a comprehensive and well-documented compliance program.
Step 6: Training
Duration: 1 DayFollowing 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.
Step 7: Waiting Period and Credentials
Duration: 4-6 WeeksAfter submitting the application, there's a waiting period for the regulator to review it. Based on 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 AMLI will address promptly on your behalf.
Once the company is registered as an MSB or FMSB, AML Incubator will hand over all online access credentials to the designated representative of your company.
Advantages of Registering as a Money Services Business (MSB) in Canada
Canada has a strong but adaptable regulatory environment that gives companies precise rules while being supervised by FINTRAC. Registration improves credibility, makes international operations easier, and grants access to Canada's secure financial system and access to global banking.
Who Needs MSB Registration?
Businesses offering financial services must register as an MSB in Canada, including:
Foreign Currency exchange providers
Remittance and payment transfer companies
Cryptocurrency exchanges and brokers
Check-cashing services
Payment processors
Registration with FINTRAC ensures compliance with AML regulations, avoiding significant legal and financial penalties.
FAQ
What documents are required for MSB registration?
Documents include corporate information, identification for directors and owners, details about planned services required by FINTRAC.
Do you provide training services?
Yes, training services are provided to ensure staff understand Canadian regulations, compliance policies, and their roles in meeting regulatory obligations.
How long does it take to get an MSB registered?
The MSB registration process typically takes 2 to 3 months, depending on the completeness of documentation and the response time from FINTRAC.
Will the MSB allow me to provide services to non-Canadians?
Yes, once registered, an MSB can offer services to non-Canadian clients, provided it complies with AML regulations for cross-border transactions and local jurisdictions.