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MSB in Canada

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From 12900 €

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Canada's financial sector, highly regarded for its robust adherence to global standards, offers clear pathways to market entry via FINTRAC’s regulatory framework. Samson Solutions expertly steers businesses through the MSB licensing process, ensuring swift compliance and unlocking opportunities in Canada’s economically vibrant setting. We emphasize legal integrity and strategic business growth, aiding clients in skillfully navigating Canada’s dynamic financial landscape.

MSB in Canada - Samson Solutions

Regulatory Framework

In Canada, financial service providers, including MSBs (Money Service Businesses), must register with FINTRAC, the Financial Transactions and Reports Analysis Centre. This regulatory body plays a crucial role in Canada's AML (Anti-Money Laundering) and CFT (Counter-Terrorist Financing) efforts, ensuring companies adhere to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. MSBs are subject to rigorous scrutiny, including financial transaction analysis to prevent money laundering and terrorism financing. Compliance with these regulations is critical, as non-adherence can lead to severe penalties and criminal liability.

Main types of activities

Foreign Exchange Operations

Engaging in transactions that involve swapping one currency for another, such as changing Euros to U.S. Dollars.

Funds Transfer Services

Transferring or remitting funds between different parties through electronic transfer networks or other means, which may include transactions done via credit or debit cards based on agreements with payment providers for goods and services.

Negotiable Instruments Services

Engaging in the issuance or redemption of money orders, traveler’s cheques, or similar financial instruments, excluding the cashing of specific cheques.

Cryptocurrency Transactions

Managing services related to the exchange or transfer of virtual currencies.

Crowdfunding Operations

Offering and maintaining platforms that enable others to raise funds or virtual currency through crowdfunding efforts.

Requirements for Obtaining an MSB License in Canada

Legal and Operational Setup

  • Establish a legal entity within Canada
  • Secure a physical office to meet FINTRAC's MSB registration criteria
  • Appoint a knowledgeable Canadian Compliance Officer

Financial and Background Checks

  • Recommended share capital of CAD 10,000 (not mandatory)
  • Provide notarized non-criminal records for shareholders and directors.

Regulatory Compliance

  • Register with FINTRAC
  • Adhere to Canadian AML/CTF policies, risk control, and monitoring

Documentation and Timeline

  • Assemble necessary documents, including business and financial plans, and details about senior management.

Roadmap to Obtaining an MSB License in Canada

1

Documentation Collection

Begin by gathering essential documentation including a business plan, KYC details, and AML/CTF policies.

2

Business Registration

Register the business in Canada, ensuring compliance with local requirements and appointing a Compliance Officer.

3

FINTRAC Registration

Submit initial documentation to FINTRAC, conduct an interview with their representative, and undergo due diligence checks.

4

Licensing and Compliance

Complete the application for an MSB license, submit it to FINTRAC, and wait for the review process which typically takes up to 90 days.

5

Operational Launch

Once the license is issued, set up the necessary operational infrastructure, including opening corporate bank accounts and implementing transaction monitoring systems.

Our tariffs

Essential Package

12900€

  • Fintech legal support
  • Verification and reservation of company name
  • Registration of an LTD Company with the Ontario Business Register
  • Due diligence for shareholders and key members
  • Business address for one year
  • Assistance with share capital registration
  • Preparation of corporate documents
  • Pre-registration steps with FINTRAC
  • Application process for the MSB license
  • Direct communication with the regulatory authority FINTRAC
  • Support in hiring a Compliance Officer

*Registration of the MSB licensed company under the minimum regulatory requirements

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Customized option on request

Price on request

  • Rental of physical office space, complete with a rental agreement
  • Provision of a dedicated local Compliance Officer
  • Appointment of a local Director with a financial background
  • Customized business plan development
  • Development and implementation of AML/KYC policies
  • Assistance with opening a high-risk corporate bank account
  • Comprehensive accounting services
  • Apostille certification of corporate documents
  • Introduction to a verified software provider
  • Ongoing legal support
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Ready-made solution

Price on request

  • Fully registered company
  • Legal address provision for one year
  • Guaranteed clean status with no debts or liabilities
  • Active operational license
  • Complete set of corporate documents
  • Support in the ownership transfer process
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FAQ

What are the main compliance requirements for MSBs in Canada?
MSBs must implement a compliance program, including risk assessment, client identification, record-keeping, and reporting suspicious transactions to FINTRAC.

Do I need to renew my MSB registration?
No renewal is required, but any changes to your business must be reported to FINTRAC within 30 days.

What happens if my business doesn’t comply with regulations?
Non-compliance can result in fines, penalties, or loss of registration.

Can foreign companies register as MSBs in Canada?
Yes, foreign companies can register, provided they meet Canadian regulations, including appointing a local agent if necessary.

How do I manage changes to my MSB operations?
Report any significant changes, such as in business structure, to FINTRAC within 30 days to keep your registration accurate.

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