MSB Licensing & Advisory · Canada
Full-cycle MSB services in Canada
From company incorporation to FINTRAC MSB registration, AML/ATF compliance program design, and securing a bank account - we cover every stage of launching and operating a Money Services Business in Canada.
Starting a business in Canada requires proper incorporation, corporate structure, and documentation. We handle everything - from choosing the right jurisdiction and corporate form to filing articles of incorporation and obtaining your Business Number.
Whether you're a domestic entrepreneur or an international founder, we ensure your company is structured for MSB licensing from day one.
Every money service business operating in Canada must register with FINTRAC. The process involves detailed documentation of your business activities, compliance infrastructure, and operational model.
We prepare and file your complete FINTRAC MSB registration package. With 20+ MSBs launched, we know what FINTRAC expects and how to avoid delays or rejections.
The Retail Payment Activities Act (RPAA) introduces a new regulatory framework overseen by the Bank of Canada. Payment Service Providers involved in electronic funds transfers, fund holding, or clearing and settlement must register under the RPAA.
We guide you through the entire process - from pre-planning and compliance assessment to application filing and representation with the Bank of Canada. This includes risk management framework development, documentation preparation, and ensuring your operations meet RPAA requirements before submission.
A robust AML/ATF compliance program isn't optional - it's the foundation of every legitimate MSB. FINTRAC expects documented policies, procedures, risk assessments, and ongoing monitoring tailored to your business model.
We design compliance programs that work in practice, not just on paper - built from experience operating real MSBs in crypto, fintech, forex, and remittance. Once the program is running, it also has to pass an independent effectiveness review every two years.
Under the PCMLTFA, every reporting entity must have its AML/ATF compliance program reviewed for effectiveness at least once every two years. The review covers the policies and procedures, the risk assessment, and the training program, and it has to be carried out by someone independent of the program - which rules out the person who runs it.
We perform that review and deliver a written report: scope and methodology, findings and deficiencies with severity ratings, a remediation action plan with owners and timelines, and your documented management response. That report is typically the first document FINTRAC asks for in an examination, so it needs to read like real work.
Securing a bank account is one of the biggest challenges MSBs face in Canada. Banks are cautious about money service businesses, and without the right preparation, applications get declined.
We help you approach the right institutions with properly prepared compliance documentation and support you through the entire onboarding process.
Canadian MSBs must appoint a Chief Anti-Money Laundering Officer (CAMLO) responsible for the overall AML/ATF compliance program - its design, implementation, and effectiveness. Separately, a Money Laundering Reporting Officer (MLRO) is responsible for receiving internal disclosures, assessing suspicious activity, and filing regulatory reports such as STRs and TPRs with FINTRAC.
We provide outsourced CAMLO and MLRO services, covering both strategic compliance oversight and day-to-day regulatory reporting. Whether you need both roles filled externally or want us to train your internal team, we ensure your MSB meets FINTRAC and PCMLTFA requirements. Because the CAMLO owns the program, they can't be the one who signs off on its two-year effectiveness review, so we keep those two engagements separate.
Buying or selling an MSB is one of the highest-stakes decisions a founder will make. Regulatory exposure, unresolved compliance gaps, and the risk of losing banking relationships can turn a promising deal into a costly mistake.
The goal is simple: close the transaction on terms that protect your interests, with full clarity on what you're acquiring or letting go. That requires someone who understands not just the paperwork, but the operational reality of running an MSB.
We've built and operated Canadian MSBs ourselves. We advise from that perspective - identifying real risks, structuring deals properly, and keeping the process on track from LOI to close.
Banks and FINTRAC examiners expect verifiable operational presence - not just a mailing address. A virtual office alone typically leads to banking rejection and can raise concerns during FINTRAC compliance examinations.
We help MSBs establish credible Canadian presence - office space, on-site staff, and documentation - at a fraction of the cost of doing it yourself. Getting this right from day one protects your banking access and regulatory standing.
Most Canadian accountants decline money services businesses the same way banks do, and fewer still will take on a crypto or P2P operator. Non-resident ownership narrows the field further, which is how MSBs end up compliant with FINTRAC and a mess with the CRA.
We keep the entity in good standing after registration. Bookkeeping, management reporting, HST/GST, payroll, and the corporate year end for operating MSBs, and annual filings and records upkeep for dormant and pre-launch companies. Scope is set after we review the business, and you're billed by BEMSB directly.
Not sure which services you need? Book a free 30-minute call and we'll outline the right plan for your MSB.
How We Work
From first call to operating MSB
01
Discovery call
We learn about your business model, target markets, and goals to define the right MSB structure and service package for you.
02
Registration
Company incorporation, FINTRAC registration, and all required documentation - prepared and filed on your behalf.
03
Compliance setup
Custom AML/ATF compliance program, risk assessment, KYC policies, and staff training - built for your specific operations.
04
Launch & support
Banking introductions, ongoing monitoring, and regulatory advisory to keep your MSB compliant and operational.
Frequently Asked Questions
Common questions about MSB registration in Canada
Get In Touch
Planning or scaling an MSB in Canada?
From launch and compliance to acquisitions and exits, we guide founders at every stage. Most clients begin with a short exploratory call.
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Toronto, Ontario, M5B 1Y4, Canada