Requirements
MSB in Canada: Main Requirements
Legal Entity
Corporation is the most common type of legal entity established for the purpose of obtaining MSB license. You may choose to incorporate a company in any Canadian province or federally – it will not affect the process of obtaining the license.
Office
Having an office at the registration stage is not required. The company must have a legal address, which can be, for example, the director’s home address. However, it is recommended to have a commercial address. Virtual offices are not accepted by the regulator.
Personnel
At the registration stage, a Compliance Officer should be appointed – preferable with experience in the financial sector in Canada.
Beneficiaries
You must disclose some information about beneficial owners, such as their name, place of birth, country of residence.
FINTRAC tends to send clarification requests with regards to any piece of the information that the applicant provides in order to confirm that the company is eligible to receive MSB registration. This may also include:
– a business plan with the detailed description of the services that justifies the need of the registration.
– an interview with the compliance officer or contact person appointed for the application.
Application and authorization process
of MSB / FMSB in Canada
Fees
There are no fees associated to the registration process with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”).
MSB (Canada) application registration process
The registration can be completed online.
MSB (Canada) registration timeframe
– Pre-registration process: 5 business days.
– Registration Process: 1-2 months.
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