Fractional (Outsourced) AML Services

Are you an MSB registered in Canada?

As a Canadian Money Services Business (MSB), you have a host of ongoing compliance obligations (e.g. reporting, KYC, transaction monitoring, etc.).

FINTRAC and many bank account providers also expect you to have Canadian physical presence.

As the global fintech market matures, compliance is becoming increasingly important for the longevity of fintech and payment companies. Your bank account and payment providers will expect you to have a strong compliance regime and experienced Canadian compliance officer (MLRO). 

As a part of our offering, 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 and help you establish Canadian physical presence! Leave AML compliance to us and focus on growing your business. Whether you're in the pre-revenue stage or already established and looking to scale in Canada, our Fractional AML service is designed to support your growth at every level.

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Pre-Operational Services

The pricing in the below table applies to companies that have not onboarded any clients. Our work will focus on fine-tuning your AML policies, onboarding them with bank account providers, and preparing your for launch.

Service
Basic Tier
Premium Tier
Canadian Compliance Officer
Canadian Physical Presence
Connector
Vendor Selection
AML Policies and Procedures
Compliance Consulting
Weekly Calls
1 per week
Up to 2 per week
Bank Account Setup
1 bank account
2+ bank accounts
Onboarding Assistance
Consulting
Conducting (we do it for you)
Fintech Advisory
Crypto Advisory
Legal Support
3 hours/month
Price per Month
$3,250 USD + tax
$4,250 USD + tax

Operational Services

The pricing in the below table applies to companies that have begun onboarding clients. Our work will focus on taking care of your day-to-day compliance operations.

Service
Basic Tier
Premium Tier
Canadian Compliance Officer
Canadian Physical Presence
Connector
Vendor Selection
AML Policies and Procedures
Regulatory Updates
Onboarding Assistance
Consulting
Conducting (we do it for you)
Weekly Calls
1 per week
Up to 2 per week
Transaction Monitoring Support
Guidance on setting up transaction monitoring systems.
Setting up and administering transaction monitoring systems.
Training and Education
Access to a library of self-serve online training materials and testing. Annual live training session.
Customized live training sessions for the client's staff on compliance, AML, and regulatory changes followed by customized testing.
Regulatory Filing Support
Provide templates and guidance for self-filing and guiding you through the process.
Full-service filing of necessary regulatory documents on your behalf.
Record-Keeping
Consulting on record-keeping requirements and best practices for efficient record-keeping.
Performing record-keeping function on your behalf.
Audit and Examination Preparation
Preparation tips for FINTRAC audit.
In-depth audit services including pre-audit assessments and mock examinations.
Fintech Advisory
Crypto Advisory
Legal Support
3 hours per month
Fees (per month)*
$3,950-$5,500 USD + tax
$4,950-$8,500 USD + tax

*Final pricing depends on business needs and will be provided after understanding the business. 

Discounted Rate

If you purchase a six-month Fixed (Basic) Fractional AML package OR a five-month Fixed (Premium) Fractional AML package, we will apply a 50% discount on your MSB registration service fees

FAQ

What does the fractional/outsourced compliance offering give me? What does this service involve?
Becoming registered as an MSB is only half the battle.

Once you become registered as an MSB, you have a host of ongoing obligations. For instance, you have record-keeping obligations, reporting obligations (for instance, you have to provide a report to FINTRAC for most transactions you process worth more than $10k CAD), transaction monitoring obligations (you have to detect and report suspicious transactions), you need to have a competent compliance officer, you need to have a “compliance program” (basically your AML policies and procedures, risk assessment, and some other items), etc.

With the fractional compliance offering, we take care of all of your compliance needs. In other words, we act as your entire compliance department.
Can you provide us with a local nominee director?
We can provide a local nominee director as a part of our fractional compliance offering to you, or if you already have some local presence in Canada. However, we cannot offer director services as a stand-alone means to provide you with a local presence in Canada for regulatory reasons.
Is there a requirement for MSBs to have a local compliance officer?
No, but the compliance officer needs to be competent and have a good understanding of Canadian AML regulations. 
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There is a FINTRAC expectation for you to have physical presence in Canada. Many bank account providers will also expect this. One way to meet this physical presence requirement is to base your compliance operations in Canada. We can help with that!