If your business transmits money, exchanges currency, or deals in virtual currency and has a real and substantial connection to Canada, you likely need to register as a Money Services Business (MSB) with FINTRAC, even if you’re based outside Canada.
Registration is only the starting point
FINTRAC registration confirms you’re on record as an MSB, but it doesn’t by itself make you compliant. You also need an effective compliance program, including a designated compliance officer, written policies, and a documented risk assessment.
What a compliance program needs to cover
- A risk assessment specific to your business model
- Know-your-client and identity verification procedures
- Record-keeping and transaction monitoring processes
- Ongoing staff training
- A schedule for independent compliance program review
Staying in good standing
MSB registration must be renewed periodically, and FINTRAC expects your compliance program to evolve as your business grows. Ongoing legal support helps ensure reporting obligations and policy updates don’t fall behind.
Learn more about our MSB registration services or book a free consultation to get started.
