FINTRAC MSB registration in Canada

About This Company

A completed transaction delivers title to a Canadian corporate person carrying money services business registration under FINTRAC. Statutory baseline capital for this status is CAD 0. Both the initial registration submission and ongoing oversight carry CAD 0 in governmental application or annual fees. No ongoing own-funds, capital-adequacy or solvency ratio metrics apply to registered entities, as FINTRAC enforces compliance supervision rather than balance-sheet prudential rules. Ongoing statutory conditions require strict calendar tracking. Registration remains valid for two years, compelling the business to file a renewal application prior to expiration to prevent falling into Expired status. Official records mandate that any operational change involving addresses, designated representatives, corporate agents, services, or ownership structures be communicated to FINTRAC within 30 days. Governance obligations under PCMLTFR s. 156 demand an appointed compliance officer, documented anti-money-laundering risk evaluations, updated written procedures, ongoing staff training programmes, and independent reviews conducted every two years. Entities providing retail payment functions face additional safeguarding requirements established by the Bank of Canada under the RPAA, compelling firms to hold end-user money in trust at prudentially regulated financial institutions or secure equivalent insurance coverage. Regulatory provisions strictly prohibit advertising the business as licensed by FINTRAC or claiming official endorsement.