MSB registration — foreign exchange and funds transfer in Canada

About This Company

Failing to notify FINTRAC of corporate ownership changes within 30 days can trigger administrative monetary penalties or registration revocation. Setting up a new money services business from scratch requires assembling and filing an application package with FINTRAC in Ottawa. There is no statutory maximum decision deadline for new applications. Observed practice shows that the majority of complete applications are processed within three months, but incomplete files are closed without decision. Applicants whose submissions are closed must start over and resubmit the entire package. Initial capital requirements and FINTRAC filing fees are both CAD 0. Acquiring this registered entity avoids the three-month initial application queue. In a share deal, the company retains its existing registration number and status. The buyer must submit an official Change form alongside criminal record checks issued within the preceding 6 months for any controller acquiring 20% or more. Where retail payment activities apply under the RPAA, acquiring one-third or more of voting control requires an advance re-registration taking 60 to 180+ days. Before signing, the buyer should check the registry to confirm that the target holds Registered status rather than an Expired record. Registration remains valid for two years before requiring renewal.