What is a foreign MSB?
A foreign money services business (FMSB) has no place of business in Canada but directs and provides money services to people or entities in Canada. The money services are the same ones that apply to Canadian MSBs:
- foreign exchange dealing;
- remitting or transmitting funds;
- issuing or redeeming money orders, traveller's cheques or similar negotiable instruments;
- dealing in virtual currency;
- crowdfunding platform services;
- armoured car services;
- cheque cashing;
- acquirer services for private automated banking machines.
A foreign MSB must register with FINTRAC before it starts providing these services to Canada.
What counts as directing services at Canada
FINTRAC looks at whether your business targets people in Canada. Examples it gives include marketing aimed at people in Canada, operating a .ca domain name, and being listed in a Canadian business directory. If your website, ads or partnerships are built to attract Canadian customers, assume you're in scope and get it confirmed.
Your representative for service in Canada
A foreign MSB must name a representative for service who lives in Canada and can accept notices on its behalf. The representative doesn't take over your obligations: the foreign business itself stays responsible for complying with Canada's anti-money laundering law.
A representative for service is a person, and it's a separate requirement from having a Canadian business address. Many foreign MSBs want both. We offer a FINTRAC-compliant Canadian address; ask us about the representative requirement in your consultation.
Obligations once registered
Foreign MSBs carry substantially the same obligations as Canadian ones: a compliance program, client identification, record keeping, reporting to FINTRAC, the travel rule for funds and virtual currency transfers, and renewing their registration every two years, with changes reported within 30 days.
Many foreign MSBs don't have an experienced compliance person in Canada. An outsourced compliance officer who works with FINTRAC's requirements every day can fill that gap.
Criminal record checks from abroad
FINTRAC needs criminal record checks for the CEO, president, directors and anyone owning or controlling 20% or more, issued in each person's country of residence, dated within six months, and translated if needed. For international ownership, this is usually the longest step.
Sources: FINTRAC, Money services businesses; Register your MSB or FMSB; Travel rule; Update, renew or cancel your registration. Checked 11 October 2026. General information, not legal advice.