Who has to register as an MSB
A business with a place of business in Canada must register with FINTRAC before it operates as a money services business. FINTRAC's guidance lists these activities:
- 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.
Registering or being licensed with a province or territory doesn't replace FINTRAC registration. Whether your own activities are covered depends on how your business works, which is the first thing we confirm with you.
Foreign MSB registration
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. It must register with FINTRAC before it starts. FINTRAC treats a business as directing services at Canada if, for example, its marketing targets people in Canada, it uses a .ca domain, or it's listed in a Canadian business directory.
A foreign MSB must name a representative for service who lives in Canada. The foreign business itself, not the representative, stays responsible for meeting its obligations.
What FINTRAC asks for
- details of your business, including incorporation, ownership and senior management;
- your bank account information;
- your compliance officer;
- how many employees you have, and every location you operate from;
- estimated annual transaction totals for each money service you offer;
- any agents or mandataries that provide services on your behalf;
- for a foreign MSB, your representative for service in Canada;
- documents confirming the business exists and how it's owned and controlled, such as a certificate of incorporation;
- criminal record checks.
Criminal record checks are needed for the chief executive officer, the president, directors, and anyone who owns or controls 20% or more of the business, directly or indirectly. They must come from a competent authority in the person's country of residence, be dated no more than six months before you submit them, and be translated if they aren't in English or French. Gathering these from several countries is often what takes longest, so we start early.
How registration works with us
- Assessment. Which of your services are money services, whether you're an MSB or a foreign MSB, and what follows from that.
- Preparation. A checklist of everything FINTRAC needs, and help gathering and checking it.
- Submission. Your registration, submitted to FINTRAC with your approval.
- Follow-up. Answers to FINTRAC's questions until your registration is decided.
- Compliance program. Built alongside your registration, not after it, so you're ready to operate.
How long registration takes
In our experience, FINTRAC approval takes anywhere from about 1 week to 7 months. Some of our clients have been registered in about a week. The biggest factors are how complete and consistent the application is, how quickly criminal record checks arrive, and FINTRAC's workload at the time. A thorough application avoids the follow-up questions that slow things down.
After you register
Registration is valid for two years and has to be renewed before it expires. Between renewals, you must tell FINTRAC within 30 days when your registration information changes, such as a new address, new owners or directors, or a change to the services you offer.
Registration is the start, not the finish. A registered MSB also needs a working compliance program, client identification, record keeping, and reporting to FINTRAC. Records generally have to be kept for at least five years.
Virtual currency dealers
Dealing in virtual currency is a money service, so crypto exchanges and dealers register with FINTRAC as MSBs, including foreign ones that serve people in Canada. Once registered, they have additional obligations, such as reporting virtual currency transactions of $10,000 or more within five working days. Provincial securities rules can also apply to some crypto trading platforms; we'll tell you if that's something you need separate advice on.
Sources: FINTRAC, Money services businesses; Register your MSB or FMSB; Update, renew or cancel your registration; Reporting large virtual currency transactions. Checked 11 October 2026. General information, not legal advice.