We are the leading service provider for international fintech firms operating as money services businesses (MSB) in Canada
Presence in Canada, clients from over the world
We have a strong presence in Canada and our services cater to a diverse range of clients, spanning from startups and established businesses to unicorn companies across the globe. Our reach extends to various regions, including Europe, Africa, Latin America, and Asia.
More than MSB registration. We provide a fully operational company
Our expertise goes beyond simply registering MSBs; we also provide comprehensive assistance in launching operational payment businesses: opening of correspondent accounts, establishing remittance corridors, and more.
We are Fintech practitioners, not just consultants
We pride ourselves on being fintech practitioners with an extensive network of partners and a profound understanding of the best practices required to ensure a seamless and stress-free launch and operation of payment businesses.
We’ll show you how Canada is business and regulation friendly.
Open payment accounts
Make payments and money transfers
Exchange currencies
Issue cards
Acquire cards
Exchange, send and receive crypto
Perform crowdfunding activities
Overview of Money Services business (MSB) and Foreign Money Services business (FMSB) in Canada
1) Offer one or more of the following services to the public:
– Foreign exchange dealing
– Remitting or transmitting funds
– Issuing or redeeming money order or similar negotiable instruments
– Dealing in virtual currency
– Crowdfunding platform services
2) Have a place of business in Canada
– Are incorporated in Canada;
– Have a physical location in Canada; or,
– Have employees, agents or branches in Canada.
1) Offer one or more of the following services to the public:
– Foreign exchange dealing
– Remitting or transmitting funds
– Issuing or redeeming money order or similar negotiable instruments
– Dealing in virtual currency
– Crowdfunding platform services
2) DO NOT have a place of business in Canada:
– Are not incorporated in Canada;
– Do not have a physical location in Canada; or,
– Do not have employees, agents or branches in Canada.
3) Direct services at persons or entities in Canada.
4) Provide these services to clients in Canada.
To conduct Money services business, the company must be registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). FMSBs and MSBs must comply with the full requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit (FIU). The Centre assists in the detection, prevention and deterrence of money laundering and the financing of terrorist activities. FINTRAC was established by, and operates within the ambit of, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its Regulations. The Centre is one of several domestic partners in Canada’s anti-money laundering and anti-terrorist financing (AML/ATF) regime, which is led by the Department of Finance.
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) facilitates combating the laundering of proceeds of crime and combating the financing of terrorist activities, establishes the Financial Transactions and Reports Analysis Centre of Canada and amends and repeals certain Acts in consequence.
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