Money Services Business (MSB) - Canada
Multiglobal company to work with crypto, money remittance, and processing of payments
From price
From EUR 11,900
Timeline
From 2 months
On this page
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
Ready to get started?
Discuss your license and timeline with our team. We'll get back to you within 24 hours.