Launch your MSB business in Canada

The Canadian MSB license is one of the most profitable financial licenses in recent times. The license is issued and regulated by the Canadian Financial Transactions and Reports Analysis Center (FINTRAC) and must comply with its reporting and record keeping obligations under PCMLTFA.

Getting a FINTRAC license is not just a checklist. MSBs must undergo rigorous inspections, ensure that they have the necessary compliance mechanisms in place, and demonstrate understanding and commitment to maintaining the financial integrity of the Canadian market.

Benefits of Canada’s MSB license

When starting a commercial entity that intends to provide financial services, entrepreneurs receive the status of Money Service Business (MSB). The organization is considered non-bank, but has the right to propose:

• operations with funds
• foreign exchange transactions
• money transfer services
• Purchase and issuance of traveler’s cheques and bank fees
• cash out
• virtual currency exchange services
• crowdfunding platform services

Requirements and procedure for obtaining a gaming license MSB

• Incorporation of the company in Canada
• Opening a Bank Account
• Providing a detailed business plan
• No criminal record of a key person or officer
• Register with FINTRAC before obtaining full permission
• Interview with a representative of FINTRAC
• Development of a complete set of anti-money laundering policies and procedures (including AML policy, compliance program, KYC/KYB requirements, requirements for continuous monitoring). Transaction reporting requirements, Compliance training program)
• The Company must comply with the rules of customer identification, record keeping and reporting
• FINTRAC does not set a minimum initial capital. It is advisable to pay and pay a certain amount of the authorised capital to show the seriousness of plans and business development.
• Compliance program to ensure compliance with obligations and requirements under PCMLTFA and related rules
• Every official, authorized person, shareholder, director, beneficial owner or ultimate beneficial owner shall provide the following documents:
• Certified copy of valid passport* (pages with photo and signature)
• Utility bill not older than 3 months
• Criminal record / Criminal record
• Apostilled/Legalized Power of Attorney from All Participants to Register a Company
• CV / Summary

Thanks to our team, you can get an MSB license in Canada. If you are interested in individual information and MSA license, feel free to contact us! Order a call today!