FINTRAC MSB registration in Canada

About This Company

Sections 11.11, 11.12 and 11.13 of the PCMLTFA (S.C. 2000, c. 17), read alongside registration regulations SOR/2007-121 ss. 6.02 and 6.03, govern corporate control transfers for this entity type.

FINTRAC does not pre-approve standard ownership transfers; instead, the registered business must formally notify the agency within 30 days following any change in direct or indirect ownership, control, directors, officers, contact persons, or representative for service. This notification duty activates whenever an incoming person or corporate entity acquires 20% or more of voting power or equity. Incoming 20% controllers, alongside the CEO, president, all directors, and sole proprietors, must supply police clearance documentation issued within the preceding 6 months from their home country. Individuals convicted of fraud, drug trafficking, money laundering, or terrorist financing are legally ineligible. Registration reviews typically conclude within three months. Missing the mandatory 30-day reporting window invites administrative monetary penalties, criminal charges, or immediate registration revocation. Under corporate transfers executed through a share purchase, the target preserves its registration number and standing. Acquisitions involving payment service providers governed under Bank of Canada RPAA s. 24 impose separate pre-closing re-registration applications when acquiring one-third or more voting rights, triggering a national-security review lasting 60 to 180+ days.