MSB registration — virtual currency dealing in Canada

About This Company

Federal oversight under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA, S.C. 2000, c. 17) anchors this money services business registration. Inscription comme entreprise de services monétaires (ESM) attaches exclusively to the incorporated legal entity. It cannot be assigned, sold or transferred to any separate entity. A share deal allows the target company to retain its assigned registration number and registered status. Asset purchases do not convey the registration. Coverage extends across all 10 Canadian provinces and 3 territories without international passporting rights. Following completion, the company must notify FINTRAC within 30 days regarding all alterations in ownership, directors or corporate control. Criminal record checks issued within 6 months must be submitted for each person acquiring 20% or more ownership or control. Under PCMLTFA s. 11.11, FINTRAC bars individuals convicted of fraud, money laundering or drug trafficking from directing or owning an MSB. The buyer should search the public MSB Registry in Ottawa to confirm that the company displays Registered status. Registration remains valid for two years before biennial renewal is required. Marketing the business as licensed by FINTRAC is illegal under federal rules.