Understanding MSB Licensing in Canada: Which Money Services Businesses Need to Register with the Bank of Canada
Canada’s robust financial regulations make it a trusted hub for Money Services Businesses (MSBs), but compliance with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Bank of Canada’s Retail Payment Activities Act (RPAA) is essential. MSBs offering services like money transfers, payment processing, or digital wallets holding end-user funds must register with the Bank of Canada, while crypto-only or foreign exchange MSBs may be exempt. Ecompanies Canada, based in Toronto, simplifies this process with services like USD $1,970 company registration, USD $8,000 MSB nominee director, and USD $2,000 Bank of Canada application assistance, ensuring compliance in 24 hours.
Navigating FINTRAC’s AML/CTF requirements and the RPAA’s registration (effective November 2024) can be complex, but Ecompanies Canada streamlines incorporation, licensing, and ongoing compliance. Our expert team helps MSBs and Foreign MSBs meet federal and provincial regulations, such as Quebec’s licensing requirements, while facilitating bank account setup and compliance programs. Contact us at [email protected] to launch your MSB efficiently and thrive in Canada’s dynamic financial market.
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