Do You Qualify As A Money Service Business In Canada? List Of MSB In Canada

Do You Qualify As A Money Service Business In Canada?

A money service business offers similar services as banks in Canada, but operates outside the traditional financial system. Your business must offer any of the following services to qualify as an MSB:

• Money Transfers
• Virtual Currency Management
• Regular Currency Exchange
• Issuing Money Orders
• Cashing Cheques
• Facilitating Home Remittance Payments 

If you want to play a role in offering these financial services in Canada, you can work as an MSB. Of course, you will still have to register your business to operate legally in Canada.

How To Qualify As A Money Service Business In Canada?

Offering the services listed above allows you to qualify as an MSB in Canada. However, if you don't register yourself with FINTRAC, you will be operating as an illegal MSB.

So here are the steps you must follow to qualify under the list of MSB in Canada:

1. Have A Canadian Money Service Business Place

You must have a Canadian business location before you can serve as an MSB legally. If you don't have company property in Canada, you will have to register yourself as a foreign MSB.

2. Get A FINTRAC MSB License

Getting a FINTRAC MSB license is necessary to operate legally in Canada. The organization regulates financial service providers to avoid money laundering, terrorist financing, and other financial crimes.

3. Comply With KYC Regulations

Once you’ve registered your MSB in Canada, you must comply with various regulations such as:

• AML regulations
• Proceeds of Crime and Terrorist Financing Act
• Virtual currency requirements
• Bank of Canada compliance rules
• FINTRAC KYC requirements

If you don’t follow these regulations, you will face FINTRAC fines and penalties for non-compliance. 

The organization may also revoke your FINTRAC MSB license to prevent you from qualifying as a money service business in Canada.

FINTRAC Canada MSB Search: List Of MSB In Canada

If you qualify and register your money service business, your name will be added to the list of MSB in Canada. This means your clients and partners can easily confirm whether you’re operating legally. 

Here are some examples of famous MSBs that come under FINTRAC Canada MSB search:

• Western Union Canada tops the list of MSB in Canada
• Tipalti has recently registered as a Canadian MSB to expand its market
• PayPal Canada
• Money Mart
• Cashmere Solutions
• Plaude Canada
• Dailypay

You will find all these names and more under the list of MSB in Canada. The registry also includes their current status as a money service business.

For example, if a company’s FINTRAC MSB license has expired, the status will be mentioned in the list. 

This feature has been designed to help businesses and customers avoid collaborating with MSBs whose licenses have been revoked, ceased, or expired.

How To Check If Your Business Is Under The FINTRAC List Of MSB In Canada

If you have not registered yourself with FINTRAC, your business will not be under the list of MSB in Canada. To avoid legal complications, you must meet with legal counsel and register yourself as soon as possible.

However, if you have already registered to be on the list of MSB in Canada, you can follow the steps below to check if your name is there:

• Open FINTRAC’s official website
• Go to FINTRAC MSB Registry directory page
• Scroll down the page to view a table with the names of all MSBs in Canada
• You can also download the MSB registry file from the same page to view the list offline whenever you require

Keep in mind that the FINTRAC MSB Registry is updated every month. If you have recently filed for a license, it may be normal that your company name isn’t there. In that case, you may have to check the registry again a month after your license has been approved. If your name still hasn't been added there, you may consult a legal advisor on what to do next.

Get In Touch With Renno & Co. Fintech To Register Your Business Under The List Of MSB In Canada

Whether you want to register yourself as an MSB or need details about why your business name is not on the list of MSB in Canada, we're here to help you.

Our legal experts have comprehensive knowledge of the MSB registration process in Canada. So get in touch with Renno & Co. Fintech to understand whether you qualify as a money service business.