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MSB License in Canada

Looking to secure your MSB license in Canada? With its regulatory standards
protecting both providers and customers, Canada offers incredible opportunities for
financial growth. Let us simplify the licensing process, ensuring fast compliance with
FINTRAC’s regulations. Our expertise keeps your business legally sound while paving
the way for strategic expansion.

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Benefits of MSB Licensing in Canada

Discover the advantages of obtaining this payment institution license in Canada and see how it can elevate your business in this dynamic financial landscape.

Legal Recognition

An MSB license grants your business official legal status, ensuring you operate with full compliance in Canada’s regulated financial market. This recognition builds credibility and protects you from legal complications. It also acts as a cryptocurrency license.

Access to Canadian Market

Expand your reach with unrestricted access to Canada’s lucrative financial sector. An MSB license allows you to engage with customers nationwide, tapping into a robust and growing economy.

Compliance with AML Regulations

Stay ahead of the curve with mandatory Anti-Money Laundering (AML) compliance. This safeguards your business from legal issues and aligns you with global financial security standards. In this regard, we can also provide detailed AML consulting.

Enhanced Customer Trust

Gain customer confidence with a transparent and regulated business model. Displaying your MSB license boosts credibility, attracting clients who prioritize security and compliance.

Ability to Offer Diverse Services

An MSB license opens the door to a wide range of financial services, from currency exchange and crypto business to money transfers, allowing you to diversify and grow your revenue streams.

Ongoing Compliance Assistance

Navigate the complexities of regulatory requirements with ease. We provide continuous support to keep your business compliant, letting you focus on growth while we handle the legalities.

Feedback from Our Clients
on the MSB License in Canada

See what our satisfied clients have to say about their journey to obtaining an MSB license in Canada with our help. Their success stories reflect our commitment to helping businesses thrive.

We've been working with Samson Solutions for several years now. They’ve been handling our accounting and AML compliance while also managing communication with government authorities. This support has streamlined our operations significantly. Their attention to administrative and legal matters gives us peace of mind, knowing our business is in safe hands. Special thanks to their team for helping us with MSB registration in Canada — everything went smoothly because of their expertise. Samson Solutions is a partner we know we can trust.

Denys
ChaosOTC s.r.o.

The Samson Solutions team provided invaluable support in registering our company and obtaining a cryptocurrency license. They also helped draft policies and found a suitable office for us. Every step was completed quickly and professionally, allowing us to focus on growing our project. We truly appreciate their flexibility and attention to detail, and we look forward to continuing our collaboration in the future.

Alla
Choise Services UAB

Working with Samson Solutions has taken a lot of administrative pressure off our shoulders. They manage our accounting and oversee our AML obligations with a high level of reliability and consistency. One thing I really appreciate is their responsiveness, especially when it comes to resolving issues quickly. They also helped us find the right office space, which made a huge difference. Samson Solutions aren’t just service providers; they’re partners we can count on no matter what.

Yevhen
Ultiment s.r.o.

Samson Solutions has provided invaluable support in managing the accounting for our cryptocurrency activities. Their legal consultations are always accurate and timely, helping us stay compliant with regulations. We are now preparing for MiCA relicensing, and we’re fully confident that with their help, everything will go smoothly. This is truly a team of professionals who understand the specifics of the cryptocurrency market.

William
Morabitox s.r.o.

Samson Solutions are true professionals. We worked with them to update our AML/KYC policies, and they showed a deep understanding of the regulatory requirements for crypto companies. As one of the few players in the market managing crypto accounting, they really grasp the specifics of our business. They handle everything quickly and efficiently, and the accounting is always precise and on time. It's great to have such reliable partners in a fast-paced industry like crypto. Highly recommend!

Aresny
XCHAINGER s.r.o.

I had an exceptional experience with Samson Solutions. Their guidance and support for my company registration in the Czech Republic were truly invaluable. Their consultant, demonstrated extensive knowledge and professionalism. I would highly recommend Samson Solutions for anyone looking to establish their business in Europe.

Denys
CEO of Chaos OTC s.r.o.

I am extremely satisfied with the services provided by Samson Solutions for registering cryptocurrency wallets in the Czech Republic. Their team, led by Mr. Daniil Samsonov, exhibited exceptional expertise in the crypto licence. They made the entire process seamless and efficient. I highly recommend Samson Solutions to anyone seeking assistance with cryptocurrency-related services.

Arseny
CEO of XCHAINGER s.r.o.

The company met my expectations. Professional delivery on time and courteous service are really important aspects of such companies.

Serik Paltujev
CEO of top2pro node s.r.o

Cost of MSB Registration in Canada

Curious about the investment needed to get started? We offer transparent pricing tailored to your needs, ensuring you know exactly what to expect.

Essential Package

  • 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

12900€

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Customized option 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

Price on request

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Ready-made solution

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

Price on request

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Don’t let complex regulations hold you back.

Partner with us to secure your MSB license in Canada and unlock new growth opportunities. Our team of experts is here to guide you every step of the way.

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Regulatory Framework

In Canada, financial service providers, including MSBs (here you can read about what is Money Service Business), 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 Requiring
an MSB License in Canada

To operate legally as a Money Services Business (MSB) in Canada, certain financial activities require licensing under FINTRAC’s regulatory framework. Here’s a closer look at the main types of activities that mandate an MSB license.

01

Foreign Exchange Operations

If your business deals with currency conversion - such as exchanging Euros for U.S. Dollars or any other foreign currency - you’ll need an MSB license.

This applies to traditional currency exchange services and digital platforms facilitating currency swaps.

02

Funds Transfer Services

This includes sending or receiving funds on behalf of clients through electronic networks or other payment systems.

Whether you’re processing wire transfers, remittances, or even payments via credit or debit cards linked to payment providers, these activities require MSB registration.

03

Negotiable Instruments Services

Issuing or redeeming money orders, traveler’s cheques, or similar negotiable financial instruments falls under this category.

However, it’s important to note that this does not include the cashing of personal, business, or government-issued cheques.

04

Cryptocurrency Transactions

Providing services related to virtual currencies, such as exchanging Bitcoin for fiat currency or facilitating cryptocurrency transfers, also necessitates an MSB license.

This regulation ensures compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

05

Crowdfunding Operations

Operating crowdfunding platforms that allow individuals or businesses to raise funds or virtual currency for various projects or causes requires an MSB license.

This includes managing the collection, transfer, or disbursement of funds raised through such platforms.

Requirements for Obtaining
an MSB License in Canada

01

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

02

Financial and Background Checks

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

03

Regulatory Compliance

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

04

Documentation and Timeline

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

Our team specializes in guiding businesses through the complex MSB licensing process in Canada.

We handle everything from legal setup to regulatory compliance, ensuring a smooth and efficient application journey.

Start Your Application Today

Roadmap to Obtaining an MSB License in Canada

Step 1

Documentation Collection

Begin by gathering essential documentation, including a detailed business plan outlining the nature of your MSB's operations, target market, and financial projections.

Additionally, compile Know Your Customer (KYC) details and comprehensive Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) policies. These documents demonstrate your commitment to compliance and help establish transparency with regulatory authorities.

Step 2

Business Registration

Register the business in Canada under a suitable legal structure, such as a corporation or limited liability company, ensuring compliance with all local requirements.

As part of this process, appoint a Compliance Officer responsible for overseeing AML/CTF policies and ensuring ongoing regulatory adherence. This role is crucial for maintaining good standing with FINTRAC and other regulatory bodies.

Step 3

Canadian MSB - FINTRAC Registration

Submit the initial documentation to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as part of the registration process.

Following this, you will participate in an interview with a FINTRAC representative, where you may need to clarify your business model and compliance strategies.

This step also includes undergoing thorough due diligence checks to verify the integrity and legitimacy of your operations.

Step 4

Licensing and Compliance

Complete the application for an MSB license and submit it to FINTRAC, ensuring all required documents and information are accurate and comprehensive.

The review process generally takes up to 90 days, during which FINTRAC assesses your compliance program, financial stability, and overall business viability. Prompt and transparent communication during this period can facilitate a smoother approval process.

Step 5

Operational Launch

Once the license is issued, establish the necessary operational infrastructure to support your MSB activities. This includes opening corporate bank accounts, setting up secure transaction monitoring systems, and implementing customer verification processes.

Additionally, ensure that your compliance program is fully operational to maintain adherence to ongoing FINTRAC requirements.

FAQ - Canada MSB License

What are the main compliance requirements for MSBs in Canada?
MSBs must implement a comprehensive compliance program, which includes conducting risk assessments to identify and mitigate potential money laundering or terrorism financing risks. They must also verify client identities, maintain accurate transaction records, and report suspicious transactions to FINTRAC. Additionally, MSBs are required to provide ongoing training for staff and conduct regular audits to ensure continued compliance with AML/CTF regulations. This is similar to the MiCa and DORA principles that are in effect in the EU.

Do I need to renew my MSB registration?
No formal renewal is required for MSB registration in Canada. However, you must keep your information up to date by reporting any changes to your business within 30 days, such as changes in ownership, business activities, or compliance officer details. Failing to report these changes promptly can result in penalties or administrative issues with FINTRAC.

What happens if my business doesn’t comply with regulations?
Non-compliance with Canadian MSB regulations can lead to severe consequences, including hefty fines, legal penalties, or even the revocation of your MSB registration. Additionally, businesses that fail to comply may face reputational damage, which can impact customer trust and long-term viability. It is crucial to maintain strict adherence to all regulatory requirements to avoid these risks.

Can foreign companies register as MSBs in Canada?
Yes, foreign companies can register as MSBs in Canada as long as they comply with Canadian regulations. This includes appointing a local agent or representative in Canada to manage compliance and communications with FINTRAC. Additionally, foreign entities must ensure that their operations align with Canadian AML/CTF standards, including maintaining detailed records and reporting obligations.

How do I manage changes to my MSB operations?
Any significant changes to your MSB operations, such as a shift in business structure, change of ownership, or alteration of services offered, must be reported to FINTRAC within 30 days. This ensures your registration remains accurate and compliant with Canadian regulations. It’s advisable to keep thorough records of these changes and to consult with a compliance specialist to navigate the reporting process smoothly.

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