MSB Registration Process

Want to get your MSB registered in Canada?

With a Canadian Money Services Business (MSB) or Foreign Money Services Business (FMSB) registration you can provide a wide scope of payment and crypto services. 
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Our clients have used their MSB to offer card processing solutions, crypto exchange services and get multi-currency bank accounts to global markets like Europe and Africa. We specialized in guiding you through the entire Money Services Business registration process!

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Service

MSB/fMSB Registration (Basic)

MSB/fMSB Registration (Premium)

Company Formation 
Corporate Documentation 
Dedicated Contact 
AML Policy 
Business Plan Drafting 
FINTRAC Representative 
MSB/fMSB Registration 
Regulatory Advice 
Bank Account Setup 
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Price

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MSB Registration Process & Timeline

Step 1:
Document Collection (Day 1)

At this stage, you will provide us with basic business information like business name, shareholder info. This information is essential for forming your company, registering your MSB and preparing your AML (Anti-Money Laundering) Policies.

 

Documents Required From You

➤ Detailed Business Plan
➤ Questionnaire – A custom questionnaire will be provided, including questions about your intended products, services, delivery channels, geographic locations, clients, and key personnel.

 

Our Deliverables to You

➤ Dedicated Contact❗ A dedicated consultant will provide a personalized, individual approach, responding to all queries and guiding you through each step of the registration process.
➤ Regulatory Advice❗ We will provide ongoing regulatory advice throughout the process regarding: your company’s structuring, MSB/fMSB registration, ongoing compliance obligations, AML regulations, and potential securities law implications of your business model.

Step 2:
Company Formation & AML Policies
(Duration: 1 Week)


Our Deliverables (1 week):

➤ Company Formation❗We will advise on the most suitable Canadian jurisdiction (e.g. Ontario, British Columbia) for you to form your company, and will take care of your incorporation from A-Z.
➤ Corporate Documentation❗We will prepare your entire corporate document suite, including the bylaws, articles of incorporation, and corporate resolutions.


Our Deliverables (7 weeks):

➤ Risk Assessment❗We will review and update your written “risk assessment” – which will require an evaluation of your products, services, delivery channels, geographic locations, new technologies, and client relationships to identify and mitigate money laundering and terrorist financing risks.
➤ AML Policy❗We will refine your Anti-Money Laundering (”AML”) policies and procedures, ensuring they not only comply with Canadian AML regulations but are also tailored to your business's unique operations and risk profile. As a part of this service, we will, amongst other things, establish policies and procedures pertaining to your transaction monitoring and report filing practices.


After you have provided us with the Initial Documentation (i.e. Step 1), we will begin preparing your Risk Assessment and AML Policies. AML policies are vital documents that you will need to operate your fintech in Canada. You will need your Risk Assessment and AML Policy ready for your Bank Account Setup (Step 7), as most reputable banks/neobanks request this as part of their onboarding process.

Step 3:
Pre-Registration Submission (Duration: up to 1 week)

At this stage, we make the pre-registration submission to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

 

Our Deliverables:

➤ Finalized Business Plan/Amendments
➤ FINTRAC Representative❗ An experienced compliance professional will serve as your authorized representative with FINTRAC, manage the registration process, and will communicate with FINTRAC on your behalf.
➤ Submission of Pre-Registration Materials

Step 4:
Waiting for FINTRAC Part 1
(Duration: typically 2-6 weeks)

At this stage, we wait for FINTRAC to approve our pre-registration submission.

 

Typically, FINTRAC will respond in 1 of 2 ways:

➤ FINTRAC Credentials: They will provide us (your FINTRAC Representative) with credentials to your online Canada Post Connect portal. We will then access your Canada Post portal and make final registration submissions on your behalf.
➤ Phone Interview: FINTRAC may request a phone interview, which your FINTRAC Representative will take on your behalf. After this, FINTRAC will provide the credentials to your online FINTRAC portal, which we will access and make the final registration online on your behalf.

 

Our Deliverables:

➤ Coordinating with FINTRAC, if necessary
➤ Accessing your FINTRAC portal to submit your registration

Step 5:
Registration Submission
(Duration: up to 1 week)

At this stage, we submit the registration inputs to FINTRAC.

 

Our Deliverables:

➤ Submission of Registration Materials

Step 6:
Waiting for FINTRAC Part 2
(Duration: typically 1-3 weeks)

At this stage, we wait for FINTRAC to approve our registration submission.

 

Typically, FINTRAC will respond in 1 of 2 ways:

➤ Approval: FINTRAC approves your MSB registration!
➤ Clarification Request: FINTRAC may have questions about your registration submission, which your FINTRAC Representative (from our team) will respond to promptly. After FINTRAC is satisfied with the response, they will approve your MSB registration.

 

Our Deliverables:

➤ Responding to FINTRAC clarification request, if necessary

Step 7 (Premium Package Option):
Bank Account Setup
(Duration: 2-4 weeks)

At this stage, we help you open a bank account for your fintech. This is an optional service available to Premium package customers.

 

Our Deliverables:

➤ Bank Account Setup❗ Our team will help establish an operating account with a bank or neobank, which you will need to power your company’s services. As a part of this service, we will introduce you to a suitable bank/neobank, coordinate with the bank/neobank on your behalf, prepare your onboarding materials, and answer any questions they have.

MSB Registration Timeline

The MSB registration process typically takes approximately 3 months to complete, with an additional 1-2 months required to secure a bank account. If you are looking to expedite the process and begin operations sooner, please contact our team to explore our Ready-Made MSB options.

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© 2024 All Rights Reserved. MSBforSale is a consultancy firm that provides advisory services to Money Service Businesses (MSBs) and offers software solutions for cryptocurrency-related activities. Our services are designed to assist clients with business development, compliance, and operational strategies, as well as technical solutions to support their cryptocurrency operations. However, we do not provide legal, tax, or financial advice. Clients are encouraged to seek independent advice from qualified professionals regarding any regulatory, tax, or financial matters.

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