FINTRAC MSB Registration in Canada
Get practical support with MSB registration, AML program requirements and ongoing FINTRAC compliance.
Does Your Business Need FINTRAC MSB Registration?
Foreign Exchange
A short description of the benefit.
Money Transfer
A short description of the benefit.
Virtual Currency
A short description of the benefit.
Payment Services
A short description of the benefit.
Foreign MSB
A short description of the benefit.
How FINTRAC MSB Registration Works
01 — Assess Your Business
Confirm how your activities fit within the MSB framework.
02 — Prepare Your Information
Organize required business, ownership and operational details.
03 — Submit Registration
Prepare and submit required FINTRAC registration information.
04 — Build Your AML Framework
Create the compliance structure required after registration.
05 — Maintain Compliance
Support reporting, recordkeeping, training and ongoing obligations.
How Fortis Supports Your MSB Registration
Registration Support
Guidance through the FINTRAC MSB registration process, from preparation to submission.
Business & Ownership Review
Review of your business structure, ownership details, and information required for registration.
AML Policies & Procedures
Development or review of AML policies tailored to your business model and regulatory obligations.
Risk Assessment
Assessment of risks related to clients, products, geography, delivery channels, and business activities.
Compliance Officer Support
Support in defining compliance responsibilities and strengthening your internal AML compliance function.
Ongoing FINTRAC Compliance
Continued support with reporting, recordkeeping, program updates, reviews, and other FINTRAC obligations.
FINTRAC Registration Is Only the First Step
- Policies & Procedures
- Risk Assessment
- Compliance Officer
- Training
- KYC & Recordkeeping
- Reporting
- Effectiveness Reviews
Not Sure Whether You Qualify as an MSB
Not every business model fits neatly into one category. We help assess your activities and determine whether FINTRAC MSB registration requirements may apply to your business.
Virtual Currency or Fintech Model
Crypto, payment, and fintech businesses can have unique regulatory considerations. We help assess how your products and services may fit within FINTRAC requirements and what compliance framework may be needed.
AML Program Is Not Ready
MSB registration is only one part of your compliance obligations. We can help develop or strengthen your AML program, including policies and procedures, risk assessment, training, reporting, and ongoing compliance requirements.
Complex Ownership Structure
Multiple shareholders, parent companies, foreign ownership, or complex corporate structures can make registration more difficult. We help organize the required ownership and business information before submission.
Registration Already Started
Already started your FINTRAC registration but have questions or are unsure about the next step? We can review the current status, identify potential gaps, and help you move the process forward.
Bank or Partner Due Diligence
Banks, payment partners, and other financial institutions may request information about your MSB registration and AML framework. We help you prepare and organize your compliance documentation so you can respond more effectively to due diligence requests.
Practical MSB Compliance Advice Built Around Your Business
Senior Compliance Experience
Direct access to experienced AML professionals.
Canadian Regulatory Focus
Support aligned with FINTRAC requirements.
Business-Specific Approach
Recommendations based on your actual business model.
Senior Compliance Experience. Direct Conversation.
Anna has held Chief Anti-Money Laundering Officer (CAMLO) and Chief Compliance Officer (CCO) positions in Canada and internationally.
Her experience includes helping financial institutions and regulated businesses manage AML compliance risk, regulatory requirements and operational challenges.
When you speak with Fortis, the goal isn’t to make compliance more complicated.
It’s to understand your situation, identify what matters, and determine the right next step.
MEET ANNA MAISON
Anna Maison
Founder & CEO | AML & Compliance Expert
FINTRAC MSB Registration FAQ
What is a FINTRAC MSB?
A Money Services Business (MSB) is a business that provides certain financial services, such as foreign exchange, money transfers, issuing or redeeming money orders, or dealing in virtual currency. MSBs operating in Canada are subject to FINTRAC requirements under Canada’s anti-money laundering framework.
Who needs to register as an MSB in Canada?
Businesses that provide regulated money services and have a place of business in Canada generally need to register with FINTRAC before they begin operating. This can include money transfer businesses, foreign exchange providers, virtual currency businesses, certain payment service providers, and other qualifying businesses.
Does a crypto business need FINTRAC registration?
It may. FINTRAC considers businesses that exchange or transfer virtual currency to be providing MSB services in many cases. Whether registration is required depends on the specific business model, activities, and how services are provided to clients in Canada.
Can a foreign company register as an MSB in Canada?
Yes. A foreign business may qualify as a Foreign Money Services Business (FMSB) if it does not have a place of business in Canada but directs MSB services to people or entities in Canada and provides those services to Canadian clients. FMSBs must also register with FINTRAC before operating.
What information is needed for registration?
FINTRAC requires a complete application with business and ownership information, details about the services being offered, compliance officer information, and applicable supporting documentation. The exact requirements depend on the business structure and activities.
Do I need an AML program?
Yes, if your business is subject to FINTRAC requirements. Registration is only one part of compliance. MSBs must also maintain a compliance program that includes policies and procedures, a compliance officer, risk assessment, training, and an effectiveness review process.
What happens after registration?
After registration, your compliance obligations continue. Depending on your activities, this can include client identification, transaction reporting, recordkeeping, maintaining and updating your AML program, keeping registration information current, and renewing your FINTRAC registration when required.
Can Fortis support ongoing compliance?
Yes. Fortis can support businesses beyond the initial registration process, including AML policies and procedures, risk assessments, compliance officer support, training, effectiveness reviews, reporting processes, and ongoing FINTRAC compliance.
Have a Compliance Question or Upcoming Project?
Let’s discuss it.
Whether you have an immediate regulatory concern, an upcoming project or simply want an expert perspective on your current compliance program, schedule a conversation with Fortis AML Consulting.