Inscription au MSB

Inscription au MSB Processus et calendrier

Calendrier des inscriptions

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En attente de la première partie du CANAFE

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En attendant la deuxième partie du CANAFE

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Configuration du compte bancaire

Étape 1 :
Collecte de documents (jour 1)

À ce stade, vous nous fournirez les informations commerciales de base dont nous avons besoin pour créer votre entreprise, enregistrer votre MSB/FMSB et préparer vos politiques de lutte contre le blanchiment d'argent (AML) pour le marché canadien.

Documents requis de votre part :

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Plan d'affaires détaillé.

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Questionnaire — Le questionnaire MSB/fMSB personnalisé de Renno contenant des questions sur les produits, services, canaux de distribution, zones géographiques, clients et personnel clé auxquels vous comptez vous adresser.

Nos livrables pour vous :

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Interlocuteur dédié 

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Conseil en matière de réglementation 

Étape 2 :
Création d'entreprise et politiques de lutte contre le blanchiment d'argent
(Durée : 1 semaine pour la création d'entreprise, 7 semaines pour les politiques AML)

Nos résultats (1 semaine) :

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Création d'entreprise 

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Documentation d'entreprise 

Nos résultats (7 semaines) :

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Évaluation des risques 

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Politique AML 

Politiques d'évaluation des risques et de lutte contre le blanchiment d'argent (Durée : 7 semaines)

Une fois que vous nous aurez fourni la documentation initiale (c'est-à-dire l'étape 1), nous commencerons à préparer votre évaluation des risques et vos politiques de lutte contre le blanchiment d'argent. Les politiques de lutte contre le blanchiment d'argent sont des documents essentiels dont vous aurez besoin pour exploiter votre fintech au Canada. Vous aurez besoin de votre évaluation des risques et de votre politique de lutte contre le blanchiment d'argent pour la configuration de votre compte bancaire (étape 7), car la plupart des banques/néobanques réputées le demandent dans le cadre de leur processus d'intégration.

Étape 3 :
Soumission de pré-inscription (durée : jusqu'à 2 semaines)

À ce stade, nous soumettons la demande de préenregistrement au Centre d'analyse des opérations et déclarations financières du Canada (CANAFE).).

Nos livrables :

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Plan d'affaires finalisé/modifications

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Représentant du FINTRAC 

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Soumission des documents de pré-inscription

Étape 4 :
En attente de la première partie du CANAFE
(Durée : généralement de 2 à 6 semaines)

À ce stade, nous attendons que le CANAFE approuve notre demande de préinscription.

En règle générale, le CANAFE répondra de l'une des deux manières suivantes :

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Informations d'identification du FINTRAC : Ils nous fourniront (à votre représentant de CANAFE) des informations d'identification pour accéder à votre portail CANAFE en ligne. Nous accéderons ensuite à votre portail CANAFE et effectuerons les dernières demandes d'inscription en votre nom.

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Entretien téléphonique : CANAFE peut demander un entretien téléphonique, que votre représentant de CANAFE, Renno professional, effectuera en votre nom. Par la suite, CANAFE fournira les informations d'identification à votre portail en ligne du CANAFE, auquel nous accéderons et procéderons à l'enregistrement final en ligne en votre nom.

Our Deliverables:

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Coordinating with FINTRAC, if necessary

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Accessing your FINTRAC portal to submit your registration

Step 5:
Registration Submission
(Duration: 1-2 weeks)

At this stage, we submit the registration inputs to FINTRAC.

Our Deliverables:

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Submission of Registration Materials

Step 6:
Waiting for FINTRAC Part 2
(Duration: typically 1-3 weeks)

At this stage, we wait for FINTRAC to approve our registration submission.

Typically, FINTRAC will respond in 1 of 2 ways:

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Approval: FINTRAC approves your MSB/fMSB registration!

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Clarification Request: FINTRAC may have questions about your registration submission, which your FINTRAC Representative (from our team) will respond to promptly. After FINTRAC is satisfied with the response, they will approve your MSB/fMSB registration.

Our Deliverables:

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Responding to FINTRAC clarification request, if necessary

Step 7 (Premium Package Option):
Bank Account Setup
(Duration: 2-4 weeks)

At this stage, we help you open a bank account for your fintech. This is an optional service available to Premium package customers.

Our Deliverables:

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Bank Account Setup 

MSB/fMSB Registration Timeline

It will take roughly 8 weeks for the MSB/fMSB registration to be complete and an additional 2-4 weeks to get a bank account.

FAQ

What is the difference between an MSB vs. fMSB?

An MSB requires physical presence in Canada (i.e. a physical location and local representatives working on your behalf). We can help with that.

In contrast, an fMSB is a foreign business that wants to direct and offer its services to Canadians. We can also help with that.

In addition, there also exists practical differences in the registration process and the ability/opportunity to onboard with certain financial institutions.

Find out more at our “MSB Registration page”.

What services can I provide with an MSB/fMSB?

You can provide the following types of services with an MSB/fMSB:
- Forex trading
- Currency exchange
- Cross-border remittance
- Payment services
- Gateway services
- Merchant services
- Issuing or redeeming money orders or traveller’s cheques
- Over-The-Counter crypto trading
- Crypto remittance, payment, gateway, or merchant services

How long does it take to get an MSB registered?

Approximately 2-3 months.

For a more detailed walkthrough of the steps involved, check out our “MSB Registration Timeline”.

Can I “passport” the MSB to other countries?

This is okay from a Canadian regulatory perspective; however, in order to service clients outside of Canada, you will need to comply with the local laws and regulations of that region.

‍Please reach out here if you’d like to learn more about how you can potentially “passport” into foreign jurisdictions.

Can I provide crypto services with an MSB?

Yes, you can provide crypto-related payment services, such as sending, receiving, or OTC exchanging well-established crypto assets (e.g. Bitcoin, Ethereum, Litecoin, etc.). However, you may need to obtain additional expensive registration with securities regulators if you (1) custody your clients’ crypto assets, (2) operate a custodial crypto exchange, or (3) deal with smaller less-established crypto assets.

Please reach out here if you’d like to learn more.

Will I need any other licenses or registrations to operate my fintech company?

You may need to obtain additional expensive registration with securities regulators if you (1) custody your clients’ crypto assets, (2) operate a custodial crypto exchange, or (3) deal with smaller less-established crypto assets.

If you want to operate in the province of Québec or take on Québec clients, you may need an additional MSB license with Revenu Québec. We can help with that! Please reach out here if you’d like to learn more.

Effective November 2024, remittance companies, neobanks, payment service providers, and certain fintech technology providers may need to register under the *Retail Payment Activities Act.*

Is there a requirement for MSBs to have a local director?

Not necessarily; however, some financial institutions expect a certain degree of physical presence in Canada and having a local director helps with that.

My MSB/fMSB license expired/got seized, what do I do?

Generally speaking, if your MSB/fMSB registration has expired or ceased, the first step is to reach out to FINTRAC and let them know you’d like to your registration.

Depending on the length of time your registration has lapsed and the reason for the lapsing, you may need to redo your MSB/fMSB registration.

We’ve helped several companies engage with FINTRAC and get their MSB registration back up and running. Please contact us here if you would like to learn more about how we can help.

Is it a requirement for an MSB to have local physical presence or a local representative?

An MSB (not an fMSB) is expected to have physical presence in Canada. According to FINTRAC agents we’ve spoken to, this means that you need a representative of your business who will be working on your business during normal working hours at a private address in Canada.

We can help you establish physical presence in Canada as a part of our Fractional AML offering.

Will the MSB allow me to provide services to non-Canadians?

Canadian regulators have no issue with MSBs servicing non-Canadians. However, in order to service clients outside of Canada, you will need to comply with the local laws and regulations of that region.

Please contact us if you’d like to learn more about how you can potentially “passport” into foreign jurisdictions.

MSB/FMSB Inscription

Vous souhaitez enregistrer votre MSB/fMSB au Canada ?