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MSB Functioning in Canada

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Since 2003, the firm has been helping clients from different countries to establish companies in any country in different industries. MSB in Canada has its own features. First, we talk about monetary services included:

  • currency exchange of different countries;
  • money transfers;
  • issuing or accepting funds transfers;
  • transactions with digital money.

Specialists can help to set up a money services company in Canada for each entrepreneur.

Main Criteria for Opening a Canada Money Services Business

To provide cash services in Canada, you must register your business with FINTRAC. You need to give following documents and information:

  • state of the bank account;
  • data of the company’s compliance officer;
  • number of employees and structure of the company;
  • corporate documents;
  • legal address;
  • data about the owner or group of persons owning the business and senior management;
  • the approximate number and total amount of operations that are planned to be carried out in one year;
  • data on each available agent;
  • compliance policies and procedures;
  • measures and strategic steps to assess and minimize risks;
  • data on training programs.

How to register Canada Money Services Business (MBS)?

Initially, a quality MBS pre-registration form should be prepared. Regulator provides a pre-registration form and a FINTRAC employee is contacted within 5 business days.

Then it is worth preparing a high-quality MBS registration form. When preparing an application, you will need to provide following package of documents:

  • state of the bank account;
  • data on the compliance officer;
  • company structure and list of employees;
  • corporate documentation;
  • clear ownership and management data;
  • forecasts concerning the financial side;
  • data on each available MSB agent;
  • dossier from the police on each owner.

Then AML and Risk Evaluation Mechanisms: 

  • AML policies and procedures;
  • assessment of risks in the document;
  • data on the employee who is responsible for compliance with the rules and requirements;
  • your customer policy;
  • reporting procedure;
  • principles of maintaining documents;
  • training program.

Next, you need to apply for registration of MSB: after the quality preparation of the required documentation and policies, firm sends an application to FINTRAC. When considering an application, FINTRAC may require additional business data. Company head prepares and provides any necessary data.

And then you have to wait for approval. Information on the final approval of the application is in the MSB FINTRAC search engine in the public domain.