Canada MSB Licence

Enter the Canadian market with your FX, remittance or crypto business.
We manage the licencing, compliance and banking so you can operate with confidence.

Connect with our Canadian MSB licence experts for tailored support.

Speak with Our MSB Licence Experts

Complete the form, and our experts will contact you within 24 hours. Alternatively, call us directly at 0207 866 2512.

Successful Licence Client Testimonial

"Buckingham handled our entire Canadian MSB registration from start to finish. They set up our company, prepared our compliance programme, managed all FINTRAC correspondence and helped us open our Canadian bank account. Straightforward process, no surprises, and we were operational within three months."

Why Buckingham Capital Consulting: Trusted Experts in MSB Licencing

Expert Guidance Through Every Step of MSB Licence Application

Expertise from Trusted MSB Licence Experts

Our team of seasoned regulatory professionals has successfully guided hundreds of firms through the MSB licence process. We provide tailored solutions to ensure full compliance with all regulatory requirements.

Comprehensive MSB
Licence Services

We manage the entire process. From Canadian company incorporation and registered office through to FINTRAC registration, AML compliance programme, compliance officer appointment and ongoing regulatory management.

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

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, confirm which Canadian registrations you need, and map out the fastest route to getting you live.

Step 2:

Registration & Compliance

We prepare and submit your FINTRAC registration, build your AML compliance programme, set up your compliance officer and handle all regulator communications.

Step 3:

Banking & Go Live

We prepare your compliance pack for banks, support account opening and, where needed, manage your Bank of Canada registration.

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, we’ve guided several businesses through successful MSB licencing. Our fast-track, end-to-end support ensures a smooth, compliant, and efficient process from start to finish.

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

Key requirements

No Minimum Capital Requirement: Unlike many jurisdictions, Canada has no minimum capital requirement for MSB registration.
Compliance Program Implementation: Implementing a comprehensive AML/CFT compliance program before operations begin.
Management Body Requirements: The management team, particularly the compliance officer, must have good reputations and relevant qualifications.
Criminal Record Checks: Beneficial owners (20%+ ownership) must provide police record checks from competent authorities.
Compliance with National Requirements: Meeting the requirements set by FINTRAC for Canadian MSB registration.

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.

Required Documentation

To apply for MSB registration, you will need to complete the pre-registration form and registration form, and submit evidence to FINTRAC. Buckingham Capital Consulting can prepare and manage these documents on your behalf to strengthen your application.

As part of your MSB registration application, you will need to prepare the following information:

Business Plan: Including financial forecasts for a period covering 3 years.
Programme of Operations: Detailed description of your MSB activities and services.
Business Organisation: Description of your organisational structure and management team.
No Initial Capital Evidence: While no minimum capital is required, provide evidence of business planning and financial preparedness.
Compliance Programme: Details on your AML/CFT compliance program and internal controls.
Security Incident Procedures: Methods for monitoring, handling, and following up on security incidents and complaints.
Data Protection Processes: Methods for managing and protecting sensitive customer and transaction data.
Business Continuity Measures: Plans for ensuring business continuity and operational resilience.
Risk Assessment Methodology: Methods for assessing and managing money laundering and terrorist financing risks.
Security Policy: Your business's security policies and procedures.
Financial Crime Policy: Internal mechanisms to comply with AML/CFT obligations.
Beneficial Ownership Information: Details of individuals owning or controlling 20% or more of the entity.
Outsourcing Arrangements: Details of any outsourcing arrangements and third-party service providers.
Management Team Information: Details of individuals responsible for managing your MSB, including the compliance officer.

Other important information

Physical Office Requirement: No physical office required at registration stage - only a legal Canadian address is necessary.
Compliance Officer Requirement: Must appoint a qualified compliance officer at registration who has oversight authority and relevant financial sector experience.
Registration Validity & Renewal: MSB registration is valid for 2 years and must be renewed to continue operations.
Criminal Record Requirements: Police record checks required for all beneficial owners (20%+ ownership) from competent authorities in countries of residence.
Operating Without Registration: Illegal to provide MSB services without FINTRAC registration - constitutes a criminal offense under PCMLTFA.
Bank of Canada Registration: May also require separate registration with Bank of Canada under Retail Payment Activities Act depending on payment services offered.
Compliance Program Timing: AML compliance program must be fully implemented before beginning operations, not after registration.
Agent Registration: All agents providing MSB services on your behalf must be separately registered with FINTRAC.

FAQs

How long does it take to get registered with FINTRAC?

The pre-registration phase takes approximately five business days. The full registration process, including compliance programme preparation and any FINTRAC clarification requests, typically takes eight to twelve weeks. Timelines can extend where ownership structures are complex, the AML programme requires rework, or FINTRAC is processing a high volume of applications. We manage all regulator correspondence to keep the process moving.

Do I need to incorporate a Canadian company?

If you are based outside Canada and provide services to Canadian clients remotely, you can register as a Foreign MSB without incorporating a Canadian entity. If you want to establish a physical presence in Canada or need stronger banking optics, a full Canadian MSB registration with a locally incorporated company is the better route. We assess your business model and recommend the right structure before you commit to either path.

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 programme. The compliance officer does not need to be Canadian-resident for an FMSB registration, but having a locally based officer strengthens your position with both FINTRAC and Canadian banks. We provide outsourced compliance officer arrangements where needed.

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?

If your business holds client funds, processes payments between third parties, or operates as a payment service provider, you will likely need to register under the Retail Payment Activities Act with the Bank of Canada. This is a separate registration from FINTRAC and introduces additional requirements around operational risk management, incident response, and fund safeguarding. We manage both registrations as part of a single engagement where required.