​What is an MSB License in Canada?

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• Any business offering foreign exchange, money remittance, virtual currency exchange, or payment services in Canada must register as an MSB with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) ​​​

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• MSB registration carries no government registration fee.

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• Every registered MSB must appoint a compliance officer and maintain an active AML/ATF program.

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• Payment businesses may need a second registration with the Bank of Canada under the Retail Payment Activities Act (RPAA) — separate from FINTRAC.

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List of Required Documents:

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• AML/ATF Policy

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• MSB Registration Form

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• Corporate Documents (i.e. Certificate of Incorporation, Articles of Incorporation, etc.)

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• Corporate Records (i.e. corporate resolutions, shareholder records, directors and shareholders resolutions, etc.)

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• Identification documents of directors and shareholders owning 20% or more

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• Criminal Record Check (i.e. document can be obtained from your local police or similar authority.  An English translation is required if the criminal records is in a language other than English).

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Business Premises Documents:

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• Physical office (i.e no virtual office or shared space)

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Personnel Requirements:

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• Compliance Officer: Although there is no compulsory requirement to have a local Compliance Officer, having one is crucial for opening a local Canadian bank account. The Compliance Officer should have relevant experience and education in the financial sector, particularly in areas such as MSB in Canada or regulatory compliance.

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• Director: A local director is preferable, but not a must.

 

 

Global Smart provides:

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• End-to-End FINTRAC Filing: Handle pre-registration, documentation assembly, and application submission for Canadian MSB.​

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• Compliance & AML Program Build: Draft tailored Anti-Money Laundering and Anti-Terrorist Financing (AML/ATF) policies required before launch.​

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• Local Agent Support: Assist with appointing qualified Canadian compliance officers and representative-for-service designations

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Basic Package (MSB with FINTRAC):

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CAD 16,800 initial set up

• Company name verification and reservation

• Company registration with British Columbia Business Register

• Due-diligence for shareholder and key members

• Registered address for MSB registration

• Assistance with share capital registration

• Corporate documents

• AML/ATF policy

• Pre-registration with FINTRAC

• MSB application submission with FINTRAC

• Dedicated local compliance officer before MSB registration completion

• Communication with regulator / authority

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Additional services on request:

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• RPAA registration with Bank of Canada

• Physical office space rental

• Provision of dedicated local compliance officer

• Provision of local director with financial background

• Business plan

• Accounting services