Canada MSB License
Schedule a Consultation Go live with your FINTRAC MSB registration in as little as two weeks.
Canada MSB License | FINTRAC Compliance
Why Canada MSB License?
A Canada MSB registration allows companies to provide payment services, foreign exchange, remittances, and certain virtual currency activities in or from Canada. Complium supports FINTRAC MSB registration, AML setup, and ongoing compliance under a clear regulatory framework.
Compared to EU MiCA CASP licensing, Canada MSB registration follows a lighter regulatory model. It focuses primarily on AML compliance without minimum capital or extensive local substance requirements, allowing a faster and more flexible route to operating in Canada.
Fast Market Entry
FINTRAC MSB registration is a notification-based process that allows efficient market entry once documentation is prepared.
No Minimum Capital Requirement
Canada does not impose a minimum capital threshold for MSB registration, reducing upfront regulatory burden.
Broad Scope of Services
MSB registration can cover payments, remittances, foreign exchange, and certain crypto-related services under a single framework.
Stable & Well-Regulated Environment
Canada offers a clear AML framework and a predictable regulatory environment supervised by FINTRAC.
Complium acts as your regulatory partner, managing FINTRAC MSB registration and AML compliance end-to-end so you can
focus on launching and scaling your business in Canada.
Understanding MSB & RPAA Registration
Canada MSB & RPAA Registration
Canada regulates payment and money services through two frameworks: FINTRAC MSB registration and, where applicable, RPAA registration with the Bank of Canada. Unlike EU regimes, MSB registration in Canada does not require local substance or resident directors. Companies must appoint a Compliance Officer for AML oversight, which Complium can support through outsourced or fractional solutions.
Canada MSB FINTRAC Registration
An MSB registered with FINTRAC is primarily regulated for AML and counter-terrorist financing compliance. This framework applies to businesses providing money services to or from Canada without holding client funds.
MSB registration allows businesses to offer:
-
Crypto Exchange ServicesBuy, sell, or exchange fiat and crypto assets where permitted under Canadian law.
-
Money Transfers and RemittancesProvide domestic and cross-border money transfer services.
-
Foreign Exchange ServicesOffer currency exchange and conversion services.
-
Payment Processing (No Client Funds)Facilitate payments without safeguarding or holding client funds.
Once registered, MSBs must implement AML policies, transaction monitoring, and mandatory reporting to FINTRAC.
Canada MSB + RPAA Registration
Businesses that hold client funds or process payments between third parties may fall under the Retail Payment Activities Act (RPAA), supervised by the Bank of Canada, with added operational and financial oversight.
MSB + RPAA registration allows businesses to:
-
Hold Client Funds TemporarilySafeguard funds during payment processing activities.
-
Process Third-Party PaymentsOperate as a payment service provider for merchants or platforms.
-
Operate Under Enhanced OversightMeet additional operational and financial risk requirements.
-
Access Payment Services at ScaleSupport more complex payment flows and settlement models.
RPAA-registered entities must implement fund segregation, risk frameworks, and ongoing reporting and audit obligations.
Complium helps you assess whether RPAA applies to your business and supports both MSB and RPAA registration with aligned AML and operational compliance.
CANADA MSB License
Who Needs a Canadian MSB Registration?
You are generally required to register as a Canadian MSB if you provide any of the following services to Canadian clients:
Money Transfers
Domestic or international remittance services.
Foreign Exchange Services
Currency exchange or conversion services.
Payment Processing
Certain payment facilitation and settlement activities.
Virtual Currency Services
Exchange or transfer of virtual currency, where applicable under Canadian law.
If your services involve Canadian clients or financial flows, MSB registration is typically required before you can operate.
-
STEP 1
Initial Review
We review your business model, services, and Canadian exposure to confirm registration requirements. -
STEP 2
AML Setup and Review
We prepare or review your AML framework, including policies, risk assessment, controls, and reporting procedures. -
STEP 3
FINTRAC Registration
We complete FINTRAC MSB registration and support initial compliance setup so you can begin operations.
Key requirements
Key Requirements for a Canada MSB License
To register and operate as a Canadian MSB, companies must meet the following requirements:
FINTRAC Registration
Registration with FINTRAC before commencing MSB activities.
AML Compliance Program
Written AML policies, risk assessment, internal controls, and staff training aligned with FINTRAC expectations.
Compliance Officer Appointment
Designation of an AML compliance officer responsible for MSB compliance.
Reporting Obligations
Suspicious transaction reports, large transaction reports, and recordkeeping.
Ongoing Supervision
Registered MSBs remain subject to FINTRAC monitoring and potential examinations.
KEY BENEFITS & WHY COMPLIUM
Why Work with Complium for Your Canada MSB License
Complium supports fintech and payment companies with a structured, regulator-aligned approach to Canadian MSB registration.
We manage the process end to end so you can focus on launching and scaling your business.
Fast & Structured Market Entry
A clear registration process designed to support efficient entry while meeting FINTRAC requirements.
FINTRAC-Aligned AML Setup
Direct understanding of EU supervisory expectations and cross-border requirements.
No Guesswork or Delays
Clear scope definition and documentation reduce back-and-forth and unnecessary regulatory friction.
International MSB Experience
Experience supporting cross-border fintech and payment businesses entering regulated markets.
Single Point of Accountability
One partner managing MSB registration, AML setup, and ongoing compliance support.
Ongoing Compliance Support
Advisory support after registration to help you meet reporting, monitoring, and supervisory obligations.
Complium acts as your compliance partner before, during, and after MSB registration in Canada.
WHY Complium
Start Your Canada MSB Licensing Process
Complium supports companies registering as Money Services Businesses in Canada. We manage FINTRAC and RPAA registration and AML setup so you can go live quickly and with confidence.
-
AML Compliance & Regulatory Reporting
-
Multi-Jurisdiction & Local Presence Support
-
Outsourced AML & KYC roles
-
Fintech Licensing Services
-
EU-Based Legal Experts
-
Ongoing Advisory Service
Complium has delivered legal and compliance expertise since 2008, with deep insight into regulatory expectations across European jurisdictions.
Contact us
Apply for a Canada MSB License
Share details about your business model, services, and Canadian exposure. Our legal and compliance team will review your request and contact you to discuss the next steps.
FREQUENTLY ASKED QUESTIONS
Canada MSB Licensing FAQs
Find answers to essential questions about Canada MSB Licensing, including key details to help you stay informed and prepared.
No. Non-Canadian companies can register as a Money Services Business in Canada if they provide MSB services to Canadian clients. Local incorporation is not required for FINTRAC registration.
No. Canada does not require resident directors or shareholders for MSB registration. However, a Compliance Officer must be appointed.
Yes. Where appropriate, Complium can support MSB registrations through outsourced or fractional Compliance Officer solutions aligned with FINTRAC expectations.
Not necessarily. Many MSBs operate without holding client funds. Businesses that do hold client funds or process third-party payments may also fall under RPAA requirements.
Registered MSBs must maintain AML policies, transaction monitoring, reporting to FINTRAC, and ongoing compliance controls. Complium provides ongoing advisory support after registration.
FINTRAC registration is a prerequisite, not a guarantee. Banks conduct their own due diligence. Proper AML documentation and business clarity significantly improve onboarding prospects.
Couldn’t find your answer? Ask a question
