Registering a Money Services Business under FINTRAC in Canada in 2026

1. Why register a Money Services Business under FINTRAC?

Canada offers a strong operating environment for payment, remittance, and virtual asset businesses. It combines financial stability, predictable regulation, and strong connectivity with the United States, the European Union, and Asia Pacific markets.

Registering as an MSB under FINTRAC provides several practical advantages:

• There are no FINTRAC registration fees
• There is no minimum capital requirement, security bond, or deposit
• MSBs may conduct both fiat and virtual currency services

At the same time, registration is a legal obligation. Operating an unregistered MSB or Foreign MSB is a regulatory offence.

Additionally, the FINTRAC registration is not a prudential license or endorsement, but confirmation that the business has met the federal registration requirement. Once registered, businesses enter a supervised compliance framework and must meet ongoing AML/CFT obligations.

2. What are the MSB services?

A business must register with FINTRAC if it provides money services in or from Canada, or if it directs these services to Canadian clients.

These services include:

• Foreign exchange dealing, including the exchange of one currency for another
• Remitting or transmitting funds by any means
• Issuing or redeeming money orders, traveller’s cheques, or similar negotiable instruments
• Dealing in virtual currency, including exchange and transfer services
• Operating crowdfunding platforms that facilitate the raising of funds
• Cheque cashing
• Acquirer services for private ATMs

Depending on the structure of the business, certain payment service provider models or invoice payment arrangements may also fall within the scope of remitting or transmitting funds and require registration.

Where a business also performs retail payment activities, it may be subject to separate regulation under the Retail Payment Activities Act and supervision by the Bank of Canada.

If you are interested in registering an MSB or FMSB under FINTRAC in Canada, reach out to our Payment Services Licensing team at info@salvusfunds.com. We are ready to assist you in achieving regulatory compliance.

3. MSB vs. FMSB

FINTRAC distinguishes between an MSB and an FMSB based on whether the business has a place of business in Canada.

A business is considered an MSB if it provides money services and has a place of business in Canada. This may include:

• incorporation in Canada;
• a physical office or business location in Canada;
• employees, agents, or mandataries operating in Canada

A business is considered an FMSB if it does not have a place of business in Canada but directs and provides money services to persons or entities in Canada.

4. What are the main registration requirements?

FINTRAC registration involves both an application process and ongoing compliance obligations.

• Registration Process: Completion of FINTRAC‘s pre-registration step, followed by submission of the formal registration before starting MSB activities 
• Business Information: Provision of detailed information on the entity, including ownership, senior management, bank account details, expected transaction volumes, business locations, and any agents or mandataries 
• Supporting Documentation: Submission of documents confirming the business‘s legal existence, ownership, and control structure 
• Criminal Record Checks: Provision of valid criminal record checks for the Chief Executive Officer, President, Directors, and each person who owns or controls, directly or indirectly, 20 percent or more of the entity or its shares. These checks must be issued within six months before submission and translated into English or French where necessary 
• Compliance Officer: Appointment of an individual responsible for overseeing AML and ATF compliance within the business 
• Legal Address: Maintenance of a valid business address and the ability to make records available to FINTRAC upon request 
• Compliance Program: Establishment and ongoing maintenance of a risk-based AML and ATF compliance program. This includes a compliance officer, written policies and procedures, a risk assessment, a training program, and an effectiveness review at least every two years. The program must address customer identification, beneficial ownership, politically exposed persons, ongoing monitoring, reporting, and record keeping
• Ongoing Obligations: Ensuring that all registration information remains accurate and up to date, renewing the registration when required, maintaining records, and complying with FINTRAC reporting and monitoring requirements 

5. How SALVUS can support your MSB registration

The SALVUS Payment Services Licensing team is composed of experienced professionals who can guide you through every step of the MSB registration process with FINTRAC. Given the multi-faceted nature of the registration, our team employs a strategic project management approach, ensuring:

• A well-designed money services portfolio aligned with your business goals.
• The preparation of a comprehensive and compliant application package.
• Regulatory engagement on your behalf, facilitating interactions with FINTRAC.
• Recruitment support to help onboard key personnel, including compliance officers.
• Ensuring compliance with newly introduced regulatory obligations, such as the enhanced information-sharing provisions and expanded compliance expectations.

Leveraging our deep expertise in Canadian financial regulations, we provide end-to-end regulatory support, making us a trusted partner for businesses seeking FINTRAC registration.

If you are interested in registering an MSB or FMSB under FINTRAC in Canada, reach out to our Payment Services Licensing team at info@salvusfunds.com . We are ready to assist you in achieving regulatory compliance.

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The information provided in this article is for general information purposes only. You should always seek professional advice suitable to your needs.