FINTRAC MSB registration in Canada

FINTRAC says it processes most complete applications within three months. Incorporation, documents and banking setup come on top of that, so plan the launch in months. The key variable is documentation quality: our applications are designed to pass on the first submission, which avoids the clarification requests that add time.

FINTRAC charges no fee to register: registration itself is free. The real cost is getting the application right: precise activity descriptions, beneficial ownership documentation, and a compliance program that holds up to examination. A rejected or returned application is what makes DIY registration expensive, in lost weeks.

FINTRAC registers money services businesses; it does not issue licenses or certificates of registration. A "FINTRAC license" or "MSB license" usually means an active MSB registration, verified through FINTRAC's public registry. Registration is required before providing covered services, but it is not an endorsement of the business and does not replace other applicable provincial, payment or securities requirements.

FINTRAC's registration portal is available online, but DIY registration is the most common cause of delays and rejections. Precise, regulatory-aligned answers are required for every field: a wrong category or vague description can result in months of back-and-forth.

Yes. Under the PCMLTFA, every MSB must have a complete AML/ATF compliance program, a risk assessment, written policies and procedures, ongoing transaction monitoring, suspicious transaction reporting, and records kept for at least five years. FINTRAC can examine it at any time, including shortly after registration, so we recommend building it in parallel with your registration.

In many cases, yes. Under the PCMLTFA, a foreign company directing MSB services at persons in Canada must register regardless of where it's incorporated, typically as a foreign MSB (FMSB). Serving Canada as a domestic MSB instead generally requires a genuine physical presence in Canada. We work with international founders regularly.

MSB registration is with FINTRAC for AML/ATF obligations. RPAA registration is with the Bank of Canada, under the Retail Payment Activities Act, for operational risk and safeguarding of funds. It applies to payment service providers performing retail payment activities. Many payment businesses need both; they are separate frameworks with different requirements.