Canada MSB Licence
FINTRAC MSB registration, AML compliance and banking support for Canadian and foreign money services businesses. We manage the process end to end, from registration and compliance through to banking support and Bank of Canada registration where required.
Last updated: September 2026
Regulator: FINTRAC
Registration fee: No FINTRAC fee
Minimum regulatory capital: No prescribed minimum
Canadian company required: No, FMSB route available
Canadian representative: Required for FMSBs
AML compliance programme: Required
Compliance officer: Required
Registration renewal: Every 2 years
Bank of Canada registration: May also apply
Canada MSB Licence at a Glance
Connect with our Canadian MSB licence experts for tailored support.
Speak with Our MSB Licence Experts
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Why firms choose Buckingham Capital Consulting for Canada MSB registration
Expert Guidance Through Every Step of MSB Licence Application
Expertise from Trusted MSB Licence Experts
Since 2013, our regulatory specialists have supported payment and money services businesses with licensing, registration and compliance. We provide senior-led support throughout the FINTRAC registration process and ongoing Canadian regulatory requirements.
Comprehensive MSB
Licence Services
We manage the process end to end, including business structure, FINTRAC registration, AML compliance programme, compliance officer arrangements, Canadian representative for service where required, banking preparation and ongoing compliance.
Proven Success in MSB Licence Applications
With a track record of delivering timely, successful MSB licence projects, we provide flexible solutions and expert guidance. Our resources, including a free registration guide, help clients manage regulatory requirements with ease.
Our Service is Trusted by Leaders in Financial Services
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Our Simple 3-Step Canada MSB Licence Process
We help payment, remittance, cryptocurrency and foreign exchange businesses obtain the Canadian MSB licence
Step 1:
Licencing Strategy
We review your business model, determine whether you require MSB or Foreign MSB registration, assess whether Bank of Canada registration also applies and define the appropriate regulatory route.
Step 2:
Registration & Compliance
We prepare and manage your FINTRAC registration, AML compliance programme, supporting information and compliance officer arrangements, and handle FINTRAC correspondence throughout the process.
Step 3:
Banking & Go Live
We prepare your regulatory and compliance materials for banking onboarding, support the account-opening process and manage Bank of Canada RPAA registration where your activities fall within scope.
Service you can offer with a Canadian MSB Licence
Crypto Exchange & Transfer
Exchange between fiat and virtual currency, virtual currency to virtual currency, and transfer of virtual currency on behalf of clients.
Money Transfer & Remittance
Remitting or transmitting funds from one person or entity to another using electronic funds transfer, card networks or any other method.
Foreign Exchange
Conducting currency exchange transactions such as exchanging USD for CAD or any other currency pair on behalf of clients.
Crowdfunding Platforms
Providing and maintaining a platform used by other persons or entities to raise funds or virtual currency.
Money Orders & Traveller's Cheques
Issuing or redeeming money orders, traveller's cheques or similar negotiable instruments on behalf of clients.
Cheque Cashing
Cashing cheques for clients in exchange for funds. This does not include cashing cheques payable to specific individuals or entities.
Expert MSB Licence & Compliance Services
Since 2013, Buckingham Capital Consulting has advised payment and money services businesses on licensing, registration and compliance. Our Canada service covers the process from initial regulatory assessment through FINTRAC registration, AML compliance, banking preparation and ongoing support.
FINTRAC MSB registration
We help you prepare and submit FINTRAC MSB applications quickly and manage communication with FINTRAC.
Global MSB compliance services
We help international clients worldwide seeking to establish MSB operations and obtain regulatory compliance in Canada.
Ongoing compliance support
We provide ongoing compliance support to ensure your MSB operations meet all FINTRAC regulatory standards.
FINTRAC registration renewals
We ensure seamless registration renewals while meeting all regulatory requirements.
Our People
Our payment team of experts combine financial and regulatory experience to guide your business through FINTRAC and Canadian MSB licencing requirements.
When you work with us, you gain direct access to senior professionals who provide personalised, hands-on guidance throughout the entire MSB licencing process. We ensure your application is efficient, fully compliant, and aligned with the latest regulations, helping your business succeed with confidence.
Key information and requirements for the MSB licence in Canada 2026
Key requirements
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FINTRAC registration: MSBs and Foreign MSBs must register before beginning regulated money services activities in Canada.
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No FINTRAC registration fee: FINTRAC does not charge a registration fee.
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No prescribed minimum capital: FINTRAC registration does not impose an EMI-style minimum regulatory capital requirement.
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AML compliance programme: A compliant AML/ATF programme must be established and maintained.
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Compliance officer: The business must appoint an individual responsible for implementing and overseeing its compliance programme.
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Ownership and management information: FINTRAC requires information about owners, directors and senior management.
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Criminal record checks: Required for the CEO, president, directors and anyone owning or controlling 20% or more of the entity.
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Canadian representative for Foreign MSBs: An FMSB must appoint a representative for service who resides in Canada.
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Bank of Canada registration: Separate RPAA registration may also be required where the business performs regulated retail payment activities.
Required Documentation
FINTRAC requires a complete registration application containing information about the business, its ownership, management and proposed money services activities. Depending on the applicant, this includes:
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Business and incorporation information
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Bank account information, where applicable
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Details of the compliance officer
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Number of employees
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Ownership and senior management information
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Expected annual transaction volumes for each MSB service
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Details of business locations
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Details of agents or mandataries, where applicable
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Criminal record checks for relevant directors, senior officers and 20%+ owners or controllers
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Certified translations where criminal record checks are not in English or French
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Documents confirming the entity's existence and governance
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Documents showing ownership, control and corporate structure
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For Foreign MSBs, details of the Canadian representative for service
Our services
Pre-Registration Assessment: We conduct a comprehensive assessment of your business model, determine MSB registration requirements, design your compliance framework, and prepare your application strategy.
Application Preparation & Submission: We prepare all required documentation, submit your pre-registration and registration forms to FINTRAC, manage regulatory communications, and ensure compliance with all requirements.
Compliance Program Development: We develop your AML/CFT policies, risk assessment procedures, transaction monitoring systems, and staff training programs to meet FINTRAC standards.
Post-Registration Support: We assist with ongoing compliance obligations, registration renewals, compliance effectiveness reviews, and legal updates.
Other important information
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Registration fee: FINTRAC does not charge a registration fee.
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Registration period: FINTRAC registration is valid for two years and must be renewed before expiry.
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Foreign MSBs: A business without a place of business in Canada can register as an FMSB if it directs and provides qualifying money services to Canadian clients.
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Canadian representative: Every FMSB must appoint a representative for service who resides in Canada.
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Compliance programme: MSBs and FMSBs must maintain a compliant AML/ATF programme and meet FINTRAC's ongoing reporting, record-keeping and monitoring obligations.
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Registration information: Material registration information must be kept current, with specified changes reported to FINTRAC within 30 days.
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Agents: MSBs must provide FINTRAC with information about agents or mandataries and comply with the applicable eligibility and criminal-record-check requirements.
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Bank of Canada: Businesses performing in-scope retail payment activities may separately require registration under the Retail Payment Activities Act.
Our MSB Licence Publications
Frequently Asked Questions
How long does it take to get registered with FINTRAC?
There is no guaranteed FINTRAC approval timetable. Timing depends on the completeness of the application, ownership structure, criminal record checks and whether FINTRAC raises clarification requests. We prepare the registration and compliance documentation efficiently and manage FINTRAC correspondence throughout the process.
Do I need to incorporate a Canadian company?
No. A foreign business without a place of business in Canada may register as a Foreign Money Services Business if it directs and provides qualifying money services to Canadian clients. An FMSB must appoint a representative for service who resides in Canada. A Canadian entity may still be useful for commercial, operational or banking reasons, and we can advise on the appropriate structure before registration.
I am based outside Canada. Can I still register with FINTRAC?
Yes. FINTRAC offers a Foreign MSB registration specifically for businesses based outside Canada that provide services to Canadian clients. An FMSB registration does not require a Canadian company, a physical office in Canada, or Canadian-resident directors. You still need a full AML compliance programme, a compliance officer, and a designated representative for service in Canada. For many international firms, the FMSB is the fastest and most cost-effective route into the Canadian market. If you later decide you need a Canadian entity for banking or commercial reasons, we can support that transition.
Do I need a compliance officer in Canada?
Every MSB and FMSB must appoint a compliance officer responsible for implementing and overseeing the AML compliance programme. A Foreign MSB must separately appoint a representative for service who resides in Canada. These are different roles, although the structure should be considered together when establishing the business.
Will FINTRAC registration get me a bank account?
Registration is necessary but not sufficient. Canadian banks conduct their own risk assessments independently of FINTRAC, and MSBs are considered higher-risk clients. The quality of your AML compliance programme, your business model transparency, and how your documentation is structured all affect whether a bank will onboard you. We build your compliance framework to the standard Canadian banks require and support you through the account opening process.
Do I also need to register with the Bank of Canada?
Possibly. FINTRAC MSB registration and Bank of Canada registration under the Retail Payment Activities Act are separate regulatory requirements. If your business performs retail payment activities within the scope of the RPAA, you must also register with the Bank of Canada. For applications made after 8 September 2025, an in-scope PSP must be registered before it begins performing those retail payment activities. We assess both regimes at the outset and can manage the registrations together where required.
What are the requirements for an MSB licence in Canada?
FINTRAC requires five things before a business can register and operate. A registration submission covering legal and operating names, ownership and beneficial ownership, senior management, the specific services offered, expected transaction volumes, agents and banking details. Criminal record checks for beneficial owners holding twenty per cent or more. A named compliance officer with genuine authority and relevant experience. A written anti-money-laundering programme comprising policies and procedures, a business-specific risk assessment, staff training and a periodic effectiveness review, which must be operational before the business begins to operate. And, for a domestic registration, a Canadian entity and address; a foreign registration instead requires a Canadian representative. There is no minimum capital requirement and no application fee.
How do I renew an MSB registration in Canada?
An MSB registration is valid for two years from the date it is granted and must be renewed before it expires. A lapsed registration expires automatically and puts the business in the same legal position as never having registered, so renewal should be actioned well ahead of the expiry date rather than at the last moment. Renewal also requires the underlying information to be current: any change to services, locations, ownership, agents or the compliance officer must already have been reported to FINTRAC within thirty days of the change, so renewal is the point at which an out-of-date registration is most likely to surface as a problem. We track client renewal dates and manage the process so nothing lapses.
How do I search or check an MSB registration in Canada?
FINTRAC maintains a public MSB Registry, searchable by legal name, operating name or registration number, and it shows the current status: Registered, Ceased, Expired or Revoked. It is the correct way to verify a business before dealing with it, and the correct way to confirm your own registration is current. The registry is updated monthly, so a very recent registration or change may not yet appear, and a decision that depends on the result should be confirmed directly with FINTRAC rather than relied on from the registry alone. Appearing on the registry does not mean FINTRAC endorses the business; it confirms only that a registration obligation has been met.
Can I buy a Canadian MSB licence instead of applying?
Pre-registered Canadian MSBs are sold, typically for around EUR 25,000, but buying is rarely the better route. Since FINTRAC charges nothing to register a business and imposes no capital requirement, the premium buys time rather than cost savings, and the time saved is smaller than it appears: a change of ownership must be reported to FINTRAC within thirty days and can trigger a review, the seller's compliance programme was written for a different business and generally needs rebuilding, and a newly transferred entity with no operating history is the profile Canadian banks are most likely to decline. Registering fresh typically costs nothing in fees, produces a clean entity, and is usually faster than the acquisition process once banking is accounted for.
What is the difference between an MSB and a Foreign MSB in Canada?
The test is whether the business has a place of business in Canada. A business with a Canadian presence registers as a domestic MSB; a business with none, serving Canadian clients from elsewhere, registers as a Foreign MSB. The compliance obligations are identical in both cases. The domestic route requires a Canadian entity and, for federal incorporation, a resident director unless the business incorporates provincially. The foreign route needs no Canadian company or office but requires a Canadian representative to act as FINTRAC's point of contact. A Canadian customer base is itself a registration trigger, so serving Canadian clients without a Canadian office does not remove the requirement, it only changes the category.