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CONSULTRIO

How to register MSB License in Canada

MSB License in Canada (FINTRAC Registration): Requirements, Cost & Step-by-Step Process (2026)

If you’re searching for an “MSB license” in Canada, what you typically need is FINTRAC MSB (or FMSB) registration—and the right AML compliance program to operate without interruptions.

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Consultrio helps fintechs, remittance providers, FX businesses, and crypto companies register correctly, build a compliant framework, and stay bankable.

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What is an MSB “license” in Canada?

Most founders use the phrase “MSB license in Canada”. Legally, FINTRAC operates a registration regime, not a licensing/approval certificate.

FINTRAC’s public registry explicitly states that registration does not mean FINTRAC “endorses or licenses” a business and that FINTRAC does not issue licenses or certificates of registration.

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What this means in practice: you win by being (1) correctly classified (MSB vs FMSB), (2) correctly registered with complete documentation, and (3) operationally compliant (policies, risk assessment, training, ongoing monitoring, reviews).

Who Must Register for an MSB “License” in Canada? (MSB vs FMSB)

If you provide money transfer, FX, or crypto (virtual currency) services, you may need FINTRAC MSB registration—even if your business is outside Canada. Use the guide below to confirm whether you fall under MSB or Foreign MSB (FMSB) rules.

Canadian MSB (FINTRAC MSB Registration)

If your business has a place of business in Canada and provides MSB services (such as money transfer/remittance, foreign exchange, or dealing in virtual currency/crypto), you typically need FINTRAC MSB registration before operating.

Foreign MSB (FMSB) Registration in Canada

If you operate outside Canada but direct and provide MSB services to clients in Canada (e.g., serving Canadian users online), you may need Foreign MSB (FMSB) registration with FINTRAC—even without a Canadian company.

What activities count as MSB services (including crypto)

FINTRAC lists money services business activities that trigger requirements, including:

Foreign exchange dealing

Currency exchange for clients that may require FINTRAC MSB registration in Canada.

Remitting/transmitting funds

Sending or receiving money for customers—core trigger for Canada MSB registration.

Money orders / traveller’s cheques

Issuing or redeeming monetary instruments may require FINTRAC MSB registration.

Dealing in virtual currency (crypto)

Crypto exchange or transfer services that can require MSB/FMSB registration with FINTRAC

FINTRAC registration: required documents & information (the real checklist)

1. Corporate Requirements

To complete your FINTRAC MSB (or Foreign MSB) registration, you must prepare core business and corporate information that confirms your structure, ownership, and operating footprint in Canada (or services directed to Canada):

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  • Legal entity details (name, registration number, address, incorporation info)

  • Ownership & senior management details (directors, officers, UBOs)

  • Business locations (all operating addresses)

  • Agents/mandataries acting on your behalf (if any)

  • Bank account information (where applicable)

  • Employee count and basic operational details

2. Compliance Requirements (the real checklist)

FINTRAC registration is closely tied to AML readiness—your file must demonstrate clear governance, responsible persons, and key risk/compliance inputs:

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  • Appointed Compliance Officer details (name, role, contact)

  • Expected annual transaction volumes per MSB service (remittance, FX, crypto, etc.)

  • Criminal record checks for required persons (e.g., directors and 20%+ owners/controllers), issued within the required validity period

  • Certified translations for documents not in English/French (where applicable)

  • Proof of existence & governance documents showing ownership/control structure (e.g., incorporation certificate + structure chart)

  • For Foreign MSBs (FMSB): Canadian representative for service details

3. Operational & Capital Requirements

FINTRAC MSB registration does not typically impose a formal paid-up capital threshold, but you should be operationally ready to demonstrate a real, controlled business with bankable processes and adequate resources:

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  • Clear operating model (services offered, customer types, target markets, transaction flows)

  • Compliance operations in place (KYC onboarding, recordkeeping, monitoring, reporting readiness)

  • Dedicated staffing/resources (Compliance Officer + support capacity based on volumes)

  • IT & security controls (access management, data retention, audit trail, incident handling)

  • Banking/EMI readiness pack (business plan, policies, risk summary, source of funds)

  • Sufficient working capital to cover operating expenses, compliance tooling, and reserves (bank/partner-driven)

Process

Step-by-step FINTRAC MSB registration process

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Step 1: Eligibility & MSB/FMSB classification

  • Confirm whether you qualify as a Canadian MSB or Foreign MSB (FMSB)

  • Map your activities: remittance, FX, virtual currency (crypto), monetary instruments

  • Define customer types, target markets, and transaction flows (key for AML scoping)

  • Identify regulatory overlaps (e.g., Québec MSB licence, RPAA/PSP where applicable)

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Step 2: Registration file (corporate & ownership pack)

  • We compile legal entity details + business locations (Canada presence or services to Canada) or incorporate a new entity in Canada

  • Prepare ownership/control structure: directors, officers, UBOs/controllers

  • Collects required supporting documents (e.g., incorporation evidence + structure chart)

  • For FMSB: appoint and document a Canadian representative for service

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Step 3: AML compliance program preparation (FINTRAC-ready)

  • Appoint a Compliance Officer and define governance/responsibilities

  • Draft AML policies & procedures tailored to your MSB services (not generic templates)

  • Complete risk assessment + KYC/CDD flows + recordkeeping framework

  • Build training plan + effectiveness review plan (ongoing compliance readiness)

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Step 4: Submission, onboarding & operational readiness

  • Submit FINTRAC registration (pre-registration → form completion → secure submission)

  • Respond to clarification requests quickly with consistent supporting evidence

  • Prepare bank/EMI onboarding pack (business model + compliance summary + controls)

  • Go-live with monitoring, reporting readiness, and change-management for updates/renewals

After registration: AML compliance program requirements (what FINTRAC expects)

FINTRAC’s compliance program guidance requires (at a high level):

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  • appoint a compliance officer

  • develop and keep up-to-date written policies and procedures (approved by a senior officer for entities)

  • conduct a documented risk assessment

  • implement an ongoing training program + training plan (where required)

  • perform a two-year effectiveness review and maintain a plan for it

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FINTRAC also notes that generic policies must be tailored to your business.

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In plain English: registration is not the finish line—your controls, records, and reporting readiness are what keep you compliant and bankable.

Other registrations you may need (common “surprises”)

Québec MSB Licence & RPAA (PSP) Registration: Additional Requirements in Canada

Québec: provincial MSB licence may apply

Québec’s Money-Services Businesses Act states that a money-services business operating for remuneration must hold a licence of the appropriate class.

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Revenu Québec publishes licence application details and forms for MSBs.

RPAA (Bank of Canada): PSP registration (separate but related)

If your model qualifies as a payment service provider, the Retail Payment Activities Act (RPAA) can apply to PSPs in Canada and also PSPs outside Canada that direct retail payment activities at end users in Canada.

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The Bank of Canada states the registration application fee is $2,500 as of Nov 1, 2024, indexed going forward.

MSB License in Canada Cost & Timeline (FINTRAC MSB/FMSB Registration)

The “MSB license in Canada” cost is mostly setup + compliance + banking readiness, because FINTRAC MSB/FMSB registration has $0 government fees.

1. Setup (one-time / launch) - US$ 15,000 - 25,000

  • Registration file preparation (MSB vs FMSB classification + structured submission) - 7 days

  • Required checks/translations (where applicable) - 2 days

  • AML compliance program build: policies, risk assessment, procedures, training plan - 15 days

  • KYC onboarding flow + monitoring/recordkeeping/reporting readiness - 10 days

  • Bank/EMI onboarding pack (business model + compliance summary + controls) - 15 days

2. Ongoing Compliance & Maintenance for Canada MSB / FINTRAC Registration - US$ 20,000

  • Compliance Officer support (day-to-day guidance, escalations, governance)

  • KYC/CDD operations support (risk scoring, EDD triggers, periodic reviews)

  • Transaction monitoring tuning (rules/thresholds, alert handling playbooks)

  • Recordkeeping controls (retention, audit trail, evidence packs for banking/regulators)

  • Reporting readiness (incident response, internal review, submission support when needed)

  • Policy & procedure updates (new products, new geographies, onboarding changes)

  • Material change management (ownership/management/location/service updates)

  • Renewal readiness (calendar tracking + data refresh + resubmission support)

  • Effectiveness review support (periodic independent/2-year review planning + remediation)

How Consultrio supports you from A to Z

End-to-end support

  • We determine whether you need FINTRAC MSB registration or Foreign MSB (FMSB) registration

  • Map your services: remittance, FX, virtual currency (crypto), monetary instruments

  • Confirm Canada footprint / “directed to Canada” analysis for foreign operators

  • Define transaction flows, customer types, and risk profile (for AML scoping)

Eligibility & classification (MSB vs FMSB)

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  • End-to-end MSB/FMSB registration: pre-registration, file prep, submission support

  • Compile the “real checklist”: corporate info, ownership/control pack, locations, agents

  • Coordinate required checks/translations where applicable (multi-owner / multi-country)

  • Handle clarification rounds and keep submissions consistent and audit-ready

FINTRAC registration project management

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  • Build a FINTRAC-ready AML compliance program (policies, procedures, risk assessment)

  • Set up KYC/CDD/EDD, recordkeeping and reporting workflows for your MSB model

  • Create a bank/EMI onboarding pack to improve approval odds and reduce back-and-forth

  • Ongoing maintenance: updates, renewal readiness, monitoring/KYC workflow tuning

Compliance, banking & operational setup

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Ready to Register Your MSB in Canada?

If you’re launching a money transfer, FX, or crypto (virtual currency) business, we help you complete the FINTRAC MSB registration (or Foreign MSB / FMSB registration) end-to-end. From eligibility classification and the registration checklist to a FINTRAC-ready AML compliance program and banking onboarding pack—we build a setup that is compliant and bankable from day one.

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