MSB Licence Explained: Registration, Cost and Verification in the US, Canada and UK (2026)

This guide sets out what an MSB licence actually is in each of the three major English-speaking markets, who issues it, how much it costs, and how members of the public and counterparties can verify a registration.

What a Money Services Business is

A Money Services Business is a business that provides one or more regulated money services: transmitting money, exchanging or dealing in currency, cashing cheques, dealing in virtual currency, or issuing or redeeming money orders or traveller's cheques. The precise definition varies by jurisdiction, but the common thread is the handling or movement of value on behalf of customers. A business that moves money for other people is almost always a Money Services Business somewhere, and must be registered or licensed before it begins to operate.

The confusion around the word "licence" arises because regulators use different terminology for what is broadly the same concept. The United States uses "registration" federally and "licence" at state level for two different things. Canada uses "registration". The United Kingdom uses "authorisation" and "registration" under an entirely separate regime that does not use the term MSB at all. The sections below address each in turn.

MSB registration in the United States

In the United States there are two distinct layers, and conflating them is the single most expensive error in the sector. At the federal level, every Money Services Business must register with the Financial Crimes Enforcement Network (FinCEN) using FinCEN Form 107, filed through the BSA E-Filing System, within 180 days of establishing the business, and renewed every two years. This federal registration is free and administrative. It satisfies an obligation under the Bank Secrecy Act, but it is not a licence and does not, on its own, authorise the business to transmit money.

The permission that actually authorises money transmission is the state Money Transmitter Licence, issued separately by each state's financial regulator. A business operating across the country may require forty or more individual state licences, each with its own application, surety bond, net worth requirement and timeline. Federal FinCEN registration and state money transmitter licensing are therefore complementary, not alternatives: a compliant US money transmitter holds both. Registering federally with FinCEN and then transmitting money without the relevant state licences constitutes unlicensed money transmission, an offence under 18 U.S.C. section 1960.

MSB registration in Canada

In Canada, a Money Services Business registers with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) before it begins to operate. Registration is free, and there is no government application fee. Canada operates two categories. A business with a physical place of business in Canada registers as a Money Services Business. A business with no physical presence in Canada that directs services at persons in Canada registers as a Foreign Money Services Business (FMSB). The registration process is materially the same for both, and the distinction turns solely on physical presence.

Foreign MSBs carry one additional requirement that domestic MSBs do not: the appointment of a Canadian Representative, an individual resident in Canada who acts as the point of contact with FINTRAC and can accept service of documents. This is a recurring cost specific to the FMSB route. Registration with FINTRAC does not indicate that FINTRAC endorses or licenses the business; it confirms only that the business has met its legal obligation to register.

The position in the United Kingdom

There is no "MSB licence" in the United Kingdom. A business that moves money or issues electronic money in the UK is regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011. Depending on the business model and scale, the relevant permission is authorisation as an Authorised Payment Institution, registration as a Small Payment Institution, or authorisation as an Authorised or Small Electronic Money Institution. A business dealing in cryptoassets requires a separate cryptoasset registration with the FCA under the Money Laundering Regulations.

UK businesses searching for an "MSB licence UK" are therefore almost always looking for an FCA payment institution or electronic money institution authorisation. The requirements, capital, safeguarding obligations and timelines for those permissions differ substantially from the US and Canadian registration regimes, and are addressed in our guide to UK payment licences.

MSB registration and licensing at a glance

Jurisdiction	What "MSB" means	Regulator	Licence or registration	Government fee	Public register
United States (federal)	FinCEN MSB registration	FinCEN	Registration	None	FinCEN MSB Registrant Search
United States (state)	Money Transmitter Licence	Each state regulator	Licence	Approx. $100–$10,000 per state	NMLS Consumer Access
Canada	MSB or Foreign MSB registration	FINTRAC	Registration	None	FINTRAC MSB Registry
United Kingdom	PI / EMI authorisation, or SPI registration	FCA	Authorisation or registration	Varies by permission	FCA Financial Services Register

Cost of an MSB licence

Because federal FinCEN registration and Canadian FINTRAC registration are both free, the cost of "getting an MSB licence" is rarely the government fee. The substantive costs fall into three categories. The first is the professional cost of preparing the application correctly, which is modest for a straightforward FinCEN or FINTRAC registration and more significant where multiple jurisdictions are involved. The second, and usually the largest, is the anti-money-laundering and counter-terrorist-financing compliance programme that every regulator requires: written policies, a business-specific risk assessment, a nominated compliance officer, customer due diligence procedures, transaction monitoring and staff training. The third applies only to US money transmission: a surety bond, typically between $10,000 and more than $1 million depending on the state and transaction volume, and a minimum net worth that the business must hold and evidence.

An "MSB licence" is therefore inexpensive in some jurisdictions and substantial in others, entirely according to which permission is actually required. A Canadian FINTRAC registration for a single business is a comparatively light exercise; a multi-state US money transmitter footprint is a major undertaking that can run into six or seven figures across bonds, capital, legal and compliance costs.

How to verify an MSB registration

Both the US and Canadian registers are public, which allows counterparties, banks and customers to confirm a registration before dealing with a business. In the United States, the FinCEN MSB Registrant Search allows the public to search the MSB registration list by legal name and location and confirm that a business appears on the federal register. State money transmitter licences can be verified separately through NMLS Consumer Access, which shows the licence and its NMLS unique identifier.

In Canada, the FINTRAC MSB Registry allows a search by legal or operating name, or by registration number, and shows the registration status: Registered, Ceased, Expired or Revoked. Users relying on either register for due diligence should note that the information reflects the most recent update and should be confirmed directly where a decision turns on it.

How Buckingham Capital Consulting can help

Buckingham Capital Consulting has advised businesses on money services registration and financial-services licensing since 2013. We prepare and manage MSB and Foreign MSB registrations with FINTRAC in Canada, federal FinCEN registration and state money transmitter licensing in the United States, and FCA payment institution, electronic money institution and cryptoasset permissions in the United Kingdom. In each case we prepare the underlying anti-money-laundering compliance programme that the regulator requires, so that the application is complete and defensible at the point of submission.

Because we prepare these applications regularly, the drafting on our side is a matter of days; the timeline a business experiences is the regulator's review period, not the preparation. We work with founders and management to confirm which regime actually applies before any application is prepared, so that time and cost are not wasted on the wrong permission. If you are evaluating where and how to register, or need a registration prepared and managed end to end, contact our team for an initial assessment.

Email: info@buckinghamcapitalconsulting.co.uk.

Frequently asked questions

Is there an MSB licence in the UK?

No. The United Kingdom does not use the term "MSB licence", and there is no permission of that name. A business that transmits money or issues electronic money in the UK is regulated by the Financial Conduct Authority under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011, and must be authorised as a payment institution or electronic money institution, or registered as a small payment institution, according to its scale and services. A business dealing in cryptoassets requires a separate FCA cryptoasset registration. UK businesses that search for an "MSB licence" are almost always looking for one of these FCA permissions, and the correct starting point is to identify which of them matches the intended activities and volume.

Is an MSB licence the same as a money transmitter licence?

No, and the difference is the most important point in US money-services regulation. In the United States, "MSB" refers to the free federal registration with FinCEN, which is an administrative obligation under the Bank Secrecy Act. The money transmitter licence is a separate, substantive permission issued by each individual state, and it is the money transmitter licence, not the FinCEN registration, that actually authorises a business to transmit money. A compliant US money transmitter holds both: federal FinCEN registration and a state money transmitter licence in every state where it serves customers. Treating the FinCEN registration as sufficient on its own is unlicensed money transmission, which carries criminal penalties under federal law.

What is FinCEN MSB registration?

FinCEN MSB registration is the federal registration that every Money Services Business operating in the United States must complete with the Financial Crimes Enforcement Network. It is filed on FinCEN Form 107 through the BSA E-Filing System, must be completed within 180 days of the business being established, and must be renewed every two years. The registration is free. Its purpose is to bring the business within the federal anti-money-laundering framework of the Bank Secrecy Act, not to authorise any particular activity. It is important to understand that FinCEN registration does not license or endorse the business and does not permit money transmission on its own; state money transmitter licences are required separately for that.

How do I check or verify an MSB registration?

Both principal registers are public. In the United States, the FinCEN MSB Registrant Search on the FinCEN website allows anyone to confirm that a business appears on the federal MSB register, searching by legal name and location. State money transmitter licences can be checked separately through NMLS Consumer Access. In Canada, the FINTRAC MSB Registry allows a search by name or registration number and shows the current status of the registration. Banks, counterparties and customers commonly use these registers as part of due diligence before onboarding a money services business. Because the registers reflect the most recent periodic update rather than real-time data, any decision that turns on the result should be confirmed directly with the regulator.

How do I search the MSB register by name?

In the United States, use the FinCEN MSB Registrant Search and enter the legal name of the business; the tool returns businesses on the federal register matching the search. In Canada, use the FINTRAC MSB Registry search-by-name function, entering the full or partial legal, operating or trade name. Both tools are free and publicly accessible. If you are conducting the search for onboarding or due-diligence purposes, note that a business may appear under a legal name that differs from its trading name, so it is worth searching all known names, and confirming the registration number where one is available to ensure you have identified the correct entity.

Where is the MSB registration list?

In the United States, the MSB registration list is maintained by FinCEN and is accessible through the FinCEN MSB Registrant Search on fincen.gov; a downloadable version of the registrant data is also published. In Canada, the equivalent is the FINTRAC MSB Registry, which FINTRAC updates on a monthly basis and also makes available as a downloadable dataset. Neither list is a marketing directory; both are regulatory registers intended to allow verification of a business's registration status. State money transmitter licences are not held on either of these lists but on NMLS, searchable through NMLS Consumer Access.

What is an MSB registration number?

There is no single, universal MSB registration number that operates across jurisdictions. In Canada, FINTRAC issues a registration number when a Money Services Business or Foreign Money Services Business registration is approved, and that number identifies the registration on the FINTRAC register. In the United States, FinCEN records the federal registration, while state money transmitter licences each carry an NMLS unique identifier that follows the company across states. A business operating internationally may therefore hold several different identifiers at once: a FINTRAC registration number in Canada, and one or more NMLS identifiers for its US state licences. When verifying a business, it is important to match the identifier to the correct register.

How much does an MSB licence cost?

The government fee is frequently nil, because both FinCEN registration in the United States and FINTRAC registration in Canada are free. The real cost lies elsewhere. Every jurisdiction requires a documented anti-money-laundering compliance programme, and preparing that programme to a standard the regulator will accept is the main professional cost for most businesses. US money transmission adds two further costs that do not arise in Canada: a surety bond, which can range from $10,000 to more than $1 million depending on the state and volume, and a minimum net worth that the business must hold. A single Canadian registration is therefore comparatively inexpensive, whereas a multi-state US money transmitter footprint is much higher once bonds, capital, legal and compliance costs are included.