FINTRAC MSB registration in Canada

About This Company

Money services business (MSB) registration under FINTRAC establishes a defined regulatory standing that shapes acquisition timelines. Submitting a new application involves no statutory deadline, although the majority of complete applications finish processing within three months of receipt. Incomplete applications are closed immediately and must be resubmitted. Neither initial capital nor regulatory application fees apply, as both stand at CAD 0. Acquiring an existing entity through a share deal avoids submitting an entirely new application from scratch. Under this acquisition route, the corporate entity retains its registered status and registration number. The company must notify FINTRAC within 30 days of closing regarding any changes to directors, officers or controllers. New owners acquiring 20% or more ownership or control must submit criminal record checks issued within 6 months. Failing to report ownership alterations within the 30-day window risks administrative monetary penalties, criminal charges or registration revocation. If the firm operates as a payment service provider under the Retail Payment Activities Act, section 24 requires re-registration and ministerial approval before acquiring one-third or more of voting control. National security reviews for that payment approval take 60 to 180+ days.