Your Global MSB Licensing & Compliance Partner
Your Global MSB Licensing & Compliance Partner
It’s our mission to help fintech and payment companies get licensed in Canada, go live, and stay compliant!
We will help you launch your fintech in Canada, securing your MSB and RPAA licenses, crafting compliant AML policies, and establishing crucial banking partnerships.
Specializing in helping payment service providers, fintech, remittance, and payment companies, including banking-as-a-service providers, FX companies, and crypto companies, get licensed and compliant in Canada.
Secure your operations with advanced AML services tailored for high-risk sectors including crypto companies.
Outsourced AML Compliance
Access an experienced Canadian compliance team on a part-time basis. Let us handle your AML compliance so you can focus on growing your business.
We provide tailored compliance policies, including AML/CTF, Risk Assessment, Sanctions, and Anti-Bribery frameworks.
Risk Appetite and other are required.
Specializing in helping fintech, remittance, and payment companies, including banking-as-a-service providers, FX companies, and crypto companies, get licensed and compliant in Canada.
Protect Your Innovation
We work with several banking partners to help MSBs secure operational accounts with established banks.
Fees are determined case-by-case, based on the MSB’s risk profile and expected transaction volumes.
Strategize for Success
Strengthen your fintech’s market presence and efficiency with our tailored consulting. We guide you from entry strategies to process improvements.
STEP 1: Company Incorporation, Compliance and Legal Documents
STEP 2: Submitting Pre-registration request to FINTRAC
STEP 3: Submitting complete application via communication portal
Timeframe: 3-5 Months
With deep, hands-on experience in Canada’s legal and regulatory landscape, we offer practical, reliable counsel you can trust. Our team brings years of real-world insight to protect your rights and interests every step of the way.
We are fintech and crypto experts at our core. With extensive experience in the Canadian fintech sector, we have the connections and insights to help accelerate the growth of your business.
An MSB requires physical presence in Canada (i.e. a physical location and local representatives working on your behalf). We can help with that.
In contrast, an fMSB is a foreign business that wants to direct and offer its services to Canadians. We can also help with that.
In addition, there also exists practical differences in the registration process and the ability/opportunity to onboard with certain financial institutions.
Find out more at our “MSB Registration page”.
Approximately 3-5 months.
For a more detailed walkthrough of the steps involved, check out our “MSB Registration Timeline”.
From a Canadian regulatory perspective, you are generally allowed to service non-Canadian clients. However, servicing foreign clients may trigger foreign laws and regulations.
Please reach out if you’d like to learn more about how you can potentially “passport” into foreign jurisdictions.
You may need to obtain additional expensive registration with securities regulators if you (1) custody your clients’ crypto assets, (2) operate a custodial crypto exchange, or (3) deal with smaller less-established crypto assets.
If you want to operate in the province of Québec or take on Québec clients, you may need an additional MSB license with Revenu Québec.
Effective November 2024, remittance companies, neobanks, payment service providers, and certain fintech technology providers may need to register under the Retail Payment Activities Act.
You can provide the following types of services with an MSB/fMSB:
– Currency exchange
– Cross-border remittance
– Payment services
– Gateway services
– Merchant services
– Issuing or redeeming money orders or traveller’s cheques
– Over-The-Counter crypto trading
– Crypto remittance, payment, gateway, or merchant services
An MSB is expected to have physical presence in Canada. According to FINTRAC, this means that you need a Canadian private physical address (not a PO box or virtual office) and a representative of your business who will be working on your business during normal working hours at such address.
This representative person should be available if FINTRAC were to conduct an examination in person at the MSB’s offices.
To learn more about how we can help you establish physical presence in Canada, please see here.
Certainly, we can assist you in navigating the banking landscape. Check out our “Bank Account Opening” service for more information.
Yes, you can provide crypto-related payment services, such as sending, receiving, or OTC exchanging well-established crypto assets (e.g. Bitcoin, Ethereum, Litecoin, etc.). However, you may need to obtain additional expensive registration with securities regulators if you (1) custody your clients’ crypto assets, (2) operate a custodial crypto exchange, or (3) deal with smaller less-established crypto assets.
Please reach out if you’d like to learn more.
Generally speaking, if your MSB/fMSB registration has expired or ceased, the first step is to reach out to FINTRAC and let them know you’d like to your registration.
Depending on the length of time your registration has lapsed and the reason for the lapsing, you may need to redo your MSB/fMSB registration.
We’ve helped several companies engage with FINTRAC and get their MSB registration back up and running. Please contact us here if you would like to learn more about how we can help.
Canadian regulators have no issue with MSBs servicing non-Canadians. However, in order to service clients outside of Canada, you will need to comply with the local laws and regulations of that region.
Please contact us if you’d like to learn more about how you can potentially “passport” into foreign jurisdictions.
