MSB Registration with FINTRAC
Federal registration as Money Services Business with FINTRAC for virtual currency exchange, transfer, and dealer activities operating in Canada.
PCMLTFA, FINTRAC Regulations
Capital Required
No federal minimum
Timeline
1-3 months
Fees
CAD 0 registration (free) + compliance costs
Regulatory Body
FINTRAC / Canadian Securities Administrators (CSA) / Provincial Securities Commissions
Legislative Framework
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), Provincial Securities Acts, CSA Staff Notice 21-327
Last updated: August 2025
Key Requirements
Register as Money Services Business with FINTRAC for virtual currency exchange and transfer activities.
Implement Travel Rule procedures reporting beneficial ownership for transactions exceeding CAD 10,000.
Establish Compliance Officer responsible for AML/CFT program and FINTRAC reporting obligations.
Maintain detailed transaction and customer records for minimum 5 years with FINTRAC reporting requirements.
Develop comprehensive AML/CFT program including customer due diligence and suspicious transaction reporting.
Conduct annual AML/CFT compliance assessments with documented findings and remediation actions.
Maintain professional indemnity insurance and implement cybersecurity procedures per FINTRAC guidance.
Application Process
Complete FINTRAC MSB registration form online through FINTRAC portal with business information.
Prepare AML/CFT compliance program documentation including policies, procedures, and staff training plan.
Document Travel Rule compliance procedures for beneficial ownership reporting on transactions exceeding CAD 10,000.
Establish Compliance Officer role with documented responsibilities and reporting lines.
Submit record-keeping procedures documentation confirming 5-year minimum retention.
Submit MSB registration to FINTRAC and monitor for approval notification.
Receive FINTRAC registration confirmation and activate AML/CFT compliance procedures.
Commence virtual currency business operations under FINTRAC regulatory oversight.
Expected Total Timeline
1-3 months
Ongoing Obligations
After obtaining your MSB Registration with FINTRAC, these are the continuing compliance requirements you must maintain.
File Suspicious Transaction Reports (STRs) with FINTRAC within 30 days of detection of suspicious activity.
Submit Suspicious Transaction Actuals Reports (STARs) on prescribed dates providing aggregate suspicious activity data.
Maintain customer identification records including beneficial owner information for all accounts.
Implement Travel Rule procedures for transactions exceeding CAD 10,000 with originator/beneficiary tracking.
Conduct quarterly compliance reviews with documented assessment of AML/CFT procedure effectiveness.
Maintain detailed transaction logs with customer information, amounts, dates, and counterparties for 5 years minimum.
Cost Summary
Capital Requirement
No federal minimum
Application & Licensing Fees
CAD 0 registration (free) + compliance costs
Jurisdiction Setup Cost
$15,000-$50,000
Annual: $10,000-$30,000
Other Canada Licenses
Explore other license types available in Canada.
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