Equilex

MSB Registration in Canada (FINTRAC)

Multiglobal company to work with crypto, money remittance, and processing of payments

From scratch

From EUR 11,900

Timeline

From 2 months

Ready made

From EUR 27,000

Quick facts

Regulator / authority

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)

Coverage

Foreign Exchange, Money Transferring, Issuing and Redeeming Money Orders, Virtual Currency, Crowdfunding, PSP, Cheque Cashing

Best for

Companies that want to expand in non-Canadian markets with crypto and payment services

Local presence

Required (if you choose to register a Canadian entity) / optional (if you choose to register a non-Canadian entity)

Substance level

Low (company can be registered in Canada or outside of Canada; staff can be foreigners)

Banking friendliness

High

Who this is for

Best fit

  • Facilitate money transfers, remittances, or crypto on-/off-ramp services involving fiat or crypto
  • Perform settlement (i.e. actually move client funds), even if only temporarily
  • Operate OTC crypto brokerage or exchange services without offering investment advice
  • Provide custody or wallet services (hot or cold), where client funds or crypto are controlled by the business
  • Act as a payment intermediary between users, merchants, or platforms
  • Serve international clients, with reporting and AML oversight under FINTRAC
  • Need a relatively fast and pragmatic AML registration without capital requirements

What you can do (scope)

  • Foreign Exchange
  • Money Transferring
  • Issuing and Redeeming Money Orders
  • Virtual Currency
  • Crowdfunding
  • PSP (Payment Service Provider)
  • Cheque Cashing
  • Acquirer services in relation to private automated banking machines

Requirements overview

Company & presence

A legal entity can be registered in Canada to receive MSB and not in Canada to receive FMSB

Key persons / governance

1 shareholder, 1 director, 1 compliance officer

Capital / safeguarding / bonds

Minimum capital: 1 CAD

AML/CTF baseline expectations

AML/CFT; risk assessment; CDD/EDD; monitoring; training

Reporting / audits

Money laundering, terrorist financing, and sanctions evasion; FINTRAC's risk and supervisory frameworks; compliance program requirements; know your client; reporting obligations; record keeping; enforcement activities and administrative monetary penalties

Process (end-to-end steps)

Step 1: Eligibility & scope mapping

Determine which MSB activities apply and whether you need Canadian or foreign entity registration

Step 2: Entity setup

Register or designate the legal entity that will hold the MSB registration

Step 3: Documentation pack

Preparation of corporate documents (articles of association, certificate of registration, etc.) and AML policies

Step 4: FINTRAC application

Submit registration and respond to any follow-up from FINTRAC

Step 5: Compliance program

Implement ongoing AML/CTF program, record-keeping, and reporting procedures

Step 6: Ongoing compliance

Meet reporting obligations and maintain compliance for the life of the business

What's included in our support

  • Obtaining MSB Registration
  • Reservation of the company's preferred name, Canadian LTD registration
  • Preparation of individual AML policy
  • Set of documents (incorporation application, share certificate, certificate of incorporation, articles of incorporation, register of shareholders and directors, etc.)
  • Liaising with FINTRAC

FAQ

It is a registration, not a full financial license — but compliance obligations are strict and ongoing

Yes. 100% foreign ownership is allowed, with no residency requirement for shareholders

No mandatory local director, but you must appoint a Compliance Officer (can be external)

Investment advice, portfolio management, issuing securities, deposit-taking, or paying interest on client funds

Yes. Crypto exchanges, wallets, and on/off-ramps are common MSB use cases in Canada

Yes. For serious or repeated non-compliance, FINTRAC can impose penalties or revoke registration

Yes. A Canadian MSB may serve non-Canadian clients, provided cross-border AML risks are properly assessed and monitored

Not strictly, but FINTRAC expects a clear business model description and may review your website or client flow if one exists

Most delays happen not because of the business itself, but because the application is not properly aligned with the business model or the compliance documents are too weak. We help clients avoid these issues by preparing a complete, regulator-ready registration package.

Yes. If speed matters, a ready-made Canadian MSB company can be the fastest route. Instead of starting from scratch, you acquire an already registered entity and move directly to transfer and operational setup. It is a practical option for faster market entry.

Ready made

MSB - Canada·From EUR 27,000

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