Canada MSB Registration
for Canadian or Foreign Businesses
MSB — Money Services Business
About CBES
& Approved MSB
Approved MSB Services Ltd. is Canada's premier provider of tailored solutions for Money Services Businesses (MSB). Located in Toronto, Canada, our team comprises a licensed Canadian lawyer, business compliance specialists, AML consultants and other professionals with the knowledge and expertise to work with the local Canadian regulators and government authorities. We work closely with FINTRAC and monitor all the regulatory changes and updates to ensure our clients' ongoing compliance with the current requirements.
With years of industry experience, we understand the diverse compliance challenges companies offering MSB services face in Canada. That is why we have developed unique, comprehensive and business-oriented solutions that support our clients' operations throughout their lifecycle from the initial MSB registration with FINTRAC (Canadian Regulator) to a complete set of operating policies and procedures, Compliance Officer services and much more. All our products and services are built to fulfill our clients' regulatory obligations, streamline their operations, and minimize risk.
You benefit from our extensive expertise and profound understanding of the regulatory framework when working with Approved MSB as your service provider. You also acquire a trusted partner to navigate the intricate journey of securing initial licensing and maintaining impeccable financial compliance as your business grows and expands.
At Approved MSB Services, transparency is paramount. We pride ourselves on providing services without any hidden costs, offering you peace of mind as you focus on the success and growth of your business.
Unlike most consultants providing MSB registration services, Approved MSB Services offers its clients a comprehensive suite of corporate, business and accounting services. In addition to MSB registration and compliance, we can assist with various legal, employment and tax reporting services - all offered under one roof by a team of dedicated professionals who know your business and understand your needs.
Results of our Work
We assist numerous companies in obtaining Canadian MSB licenses. Below, you can view some supporting evidence.
Evgene Jakubov
Senior MSB Consultant, Barrister and Solicitor (ONT)
Our Senior MSB Consultant, Evgene (Eugene) Jakubov relies on more than twenty years of experience as a licensed lawyer and more than ten years working with MSB's and other growing businesses providing them with various licensing, compliance and legal support services. For many years, Eugene worked as a legal consultant for medium sized financial services organizations such as credit card issuers, POS distributors and acquirers, and organizations offering unique financing solutions for small and medium businesses.
Being a successful entrepreneur himself, Eugene understands the importance of proper compliance in such industry as MSB. All our legal and governance documents have been prepared by Eugene in a manner that will make their implementation and use by your business as simple and as efficient as possible.
It is this combination of in-depth understanding of the MSB industry from one side and many challenges that businesses face while implementing new compliance regimes from another that position Eugene as one of the leading experts in the field of licensing and compliance for MSB's in Canada.
Licenses
Why Canada?
Choosing to apply for a Canadian Money Services Business (MSB) license offers a direct and expedient method to initiate your payment operations.
Unlike the laborious and expensive process of acquiring an EMI license in the EU, a Canadian MSB license takes 3-4 months from the beginning of the process until the moment your business obtains the license.
Here are the advantages of getting an MSB license for your corporation:
Legal Operation Assurance
Operating a financial service in Canada requires an MSB license to ensure that the business adheres to the law. Securing this license affirms compliance with stringent regulatory standards and legal frameworks.
No Initial Capital Requirement
Unlike other regions where a significant capital deposit is mandatory, Canada's MSB licensing process is more accessible as it requires no upfront capital.
Broad Service Spectrum
Holders of the Canadian MSB license are authorized to deal with any money services operations, including traditional currencies and VC. The MSB license covers all the services that are included in the FINTRAC list.
Streamlined Licensing Procedure
The licensing process in Canada is notably faster than in many European countries, ranging from two to five months depending on the completeness of the submitted documents.
Operational Versatility
An MSB license in Canada permits the provision of various financial services such as foreign exchange, funds remittance, issuing of money orders, cryptocurrency trading, and even crowdfunding. This versatility allows businesses to diversify their offerings and attract a broad range of investors.
Trusted Financial Environment
Canada's financial sector is known for its safety and stability, attributes that are supported by strong banking institutions and a commitment to innovation. This reputation establishes a trustworthy backdrop for businesses.
What is MSB licence?
Every business providing one of the services listed below must obtain and keep in good standing its MSB license with FINTRAC:
Currency exchange
Conducting transactions where you exchange one type of currency for another (for example, exchanging USD for CAD).
Transferring or receiving funds at the request of a client
Remitting or transmitting funds between individuals or organizations via electronic funds transfer networks or alternative methods constitutes the pivotal process of transferring funds. This includes executing fund transfers as per your clients' instructions, leveraging credit or debit cards, provided the recipient has a valid agreement with the payment service provider to facilitate payments for the procurement of goods and services.
Issuing or redeeming traveller's cheques, money orders or similar negotiable instrument
If your business engages in the issuance or redemption of money orders, travellers' checks, or comparable negotiable instruments, it falls within the scope of our services. It's important to note that this does not encompass cashing checks payable to specific individuals or entities.
Dealing with cryptocurrency (virtual currency)
Virtual currency exchange services entail:
- Conversion of funds into virtual currency,
- Exchange of virtual currency for funds, or
- Swapping one virtual currency for another.
Virtual currency transfer services entail:
- Facilitating the transfer of virtual currency as requested by clients, or
- Receiving virtual currency transfers to remit them to designated beneficiaries.
Crowdfunding platform services
If your company operates and oversees a crowdfunding platform exclusively designed for individuals and entities aiming to raise funds or virtual currency.
Gambling and Casino Services
Your business operates gambling or casino services, including managing and conducting gambling activities, such as electronic gambling machines. This encompasses both physical locations and online platforms.
Does your business need an MSB license?
Check to see if you need to register with FINTRAC as a money services business
How to get your MSB Registration in Canada?
MSB license application is a multi-faceted process, which requires an understanding of various FINTRAC regulations, knowledge of the licensing process and experience in financial compliance. Using our expertise in the industry, we at Approved MSB Services have created a comprehensive proposal that will take your business through all the stages of the licensing process and will generate proper compliance paperwork to ensure that you continue to operate in compliance with FINTRAC regulations.
Contact us for an initial consultation. During this session, our main objective is to assess the need for Canada MSB (Money Services Business) Registration for your business and provide a comprehensive overview of the subsequent steps involved, including associated costs.
We thoroughly evaluate your existing business structure, if applicable, and guide any necessary incorporation or corporate reorganizations required. Additionally, our team offers expert advice on other pertinent legal considerations crucial for your MSB Registration process.
We provide comprehensive support throughout the application process with FINTRAC, encompassing tasks, such as gathering and submitting the necessary information as required by FINTRAC. Furthermore, our team will assist in crafting a thorough compliance program and record-keeping documentation, enabling you to meet the requirements outlined in the PCMLTFA and any other relevant obligations stipulated by FINTRAC.
Although getting your MSB business registered in Canada is a mandatory and essential step in establishing your operations, ongoing compliance of your operations is equally as important. That is why Approved MSB Services offers a comprehensive set of services that expedites your registration and helps your business to operate in compliance with the FINTRAC rules and regulations.
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