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Hourly Consulting

Need an expert’s opinion but not ready to commit to our Fractional AML service yet?
Take advantage of our hourly consulting option provided by our legal and compliance experts.

Documents/Agreements Package

Unlock the success of your growing business with our comprehensive Documents/Agreements Add-on Package- prepared and tailored for your specific business and operational needs! Available exclusively to those who purchase one of our Fractional MLRO packages.

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.