Launch your Fintech business in Canada with us

Do you want to launch your Money Services Business (MSB) in Canada? We can help you register, launch, and manage the regulatory compliance.
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As one of the Fintech industry’s leading legal and compliance experts in Canada, we ensure that your Fintech company is in full compliance with FINTRAC regulations. What’s more, we guide your Fintech at every step of the way – we’ll get you MSB registered, onboarded with bank or neobanks, act as your fractional compliance department, and take care of all of your legal needs (and more)!

Talk to a Canadian compliance and legal expert at Renno.

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Outsource your compliance and legal requirements to us so you can focus on your fintech business.

Launch your Fintech in Canada and leave your registration and compliance worries to us!

Leading compliance and legal firm in Canada for Fintech companies

We offer a unique combination of regulatory compliance, legal expertise, and fintech industry knowledge.

Comprehensive offering for fintech

We go beyond MSB/fMSB registration. Our services help manage the operational hurdles your fintech business will face as you grow. Our Fintech Team provides ongoing compliance service, legal support and helps you open bank accounts for your fintech venture.

Proficient Team

Our seasoned compliance and legal professionals work with neo-banks, payment companies, crypto exchanges, and many others in the fintech space. We help our fintech clients register, launch, and operate their business without worrying about compliance or legal in Canada.
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Discuss your needs and how Renno can support you

Services

Register, launch, and manage compliance for your Fintech in Canada

MSB/fMSB Registration

We’ll complete your Canadian Money Services Business (MSB) or foreign Money Services Business (fMSB) registration from A-Z, prepare your AML policies (which all MSBs/fMSBs are required to have), and even get you a bank/neobank account!

AML Audit

Our experienced Canadian compliance team will conduct and AML Audit (or “effectiveness review”) on your MSB/fMSB. All MSBs/fMSBs are required to conduct an independent AML Audit (or “effectiveness review”) every two years.

Bank Account Opening

We will help you get an account with an appropriate bank/neo-bank! As a part of this service, we may need to update your AML policies to ensure you meet standards set by the target banks/neobanks.

Fractional AML

We will provide you with an experienced Canadian compliance officer (MLRO) as well as a compliance team that will act as your part-time compliance department. Leave AML compliance to us and focus on growing your business.

Consulting & Documentation Services

Our team of lawyers can help you with your legal and regulatory needs. We can prepare a legal/regulatory opinion reviewing your business activities, provide hourly legal advice, prepare your master services agreement, terms of service, and privacy policy, and a host of other legal services.

Fintech (MSB) Registration

$10/month
Billed annually.
Access to all basic features
Basic reporting and analytics
Up to 10 individual users
20GB individual data each user
Basic chat and email support
Get started
Most popular plan

Outsourced AML

$20/month
Billed annually.
200+ integrations
Advanced reporting and analytics
Up to 20 individual users
40GB individual data each user
Priority chat and email support
Get started

Bank Account

$40/month
Billed annually.
Advanced custom fields
Audit log and data history
Unlimited individual users
Unlimited individual data
Personalised+priotity service
Get started
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30 Years Experience

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100% success in Canadian MSB Registrations!

With Renno, you get Legal expertise and Compliance mastery.

Renno Difference

Fusion of Legal and Compliance Expertise

Experience the power of Renno's comprehensive solution, spanning legal counsel and regulatory compliance. You don't need to work with multiple firms; Renno offers comprehensive support, whereas others provide a piecemeal service.

Deep Canadian Roots

You can rely on Renno's counsel for everything related to Canada's legal and regulatory landscape. Our team is in tune with the latest developments and safeguards your rights and interests in Canada.

Fintech Focus

We are Fintech lawyers at our core. With extensive expertise in the Canadian Fintech sector, we have the capabilities to facilitate connections for your business that can support its growth. Find out more about our Connector Service here.
Partner with Renno today to get started in Canada
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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”.
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 you help us get banked?
Certainly, we can assist you in navigating the banking landscape. Check out our “Bank Account Opening” service for more information.
Can you provide us with a local nominee director?
This is not currently one of our service offerings. However, a local director is not necessary for legal or regulatory reasons and banks do not expect it. If you’d like more information on how we can help you get banked, click here.
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 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 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.

Effective November 2024, remittance companies, neobanks, payment service providers, and certain fintech technology providers may need to register under the *Retail Payment Activities Act.*
How much does it cost to get an MSB/fMSB registered?
Whether you are registering an MSB or an fMSB, the cost is the same! For either option, we offer our “Basic” service for $9,500 USD and our “Premium” service for $11,500 USD.

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
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.

Find out more at our “Bank Account Opening” page.
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.
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.