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MSB licence
in Canada
Obtain your Money Service Business (MSB) licence for provision of:
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Foreign exchange dealing;
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Money transferring;
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Dealing in virtual currency;
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Issuing or redeeming money orders, traveller's cheques or other negotiable instruments.
The Canadian MSB licence is unique due to the fact that it allows dealing in virtual currency along with provision of payment services.
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Timeframe for obtainment of the licence: up to 2-3 months
Depending on your needs S4Compliance will provide you with all or several of the below listed services:
1. Company registration
MSB licence can be obtained for limited liability companies registered in Canada. However, not all provinces allow for incorporation of a company without local directors and shareholders. The province of British Columbia provides for such an incorporation.
2. Submission of information and documents with the regulator - Financial Transactions and Reports Analysis Centre (FINTRAC)
S4Compliance will assist you during the entire licence obtainment process incl.:
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Preparation and submission of the pre-registration form, communication with FINTRAC’s officer;
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Preparation of the MSB registration form;
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Preparation of operational document package, incl. business plan, AML/CTF policy, Anti-bribery and corruption policy, Client onboarding and monitoring procedure, Client risk assessment procedure;
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Submission of the MSB registration application with FINTRAC;
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Communication with FINTRAC and submission of additional information upon request.
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