EN#0376 – Canadian dual-registered MSB and RPAA PSP, dormant, for sale

An opportunity to acquire a Canadian federally incorporated payments entity, dual-registered as a Money Services Business (MSB) with FINTRAC and as a Payment Service Provider (PSP) with the Bank of Canada under the Retail Payment Activities Act (RPAA). The entity was established to operate a consumer payments and currency exchange business and is currently offered for sale as a clean shell. It is effectively dormant, with no active operations, no clients, no end-user funds, and no end-user funds. 

Key Highlights:

• Regulatory Status: Canadian federally incorporated payments entity, registered with FINTRAC as an MSB and with the Bank of Canada as a PSP under the RPAA. 
• Registered Activities:
  – FINTRAC MSB registration covers:
      – Foreign exchange
      – Money transferring
      – PSP activities 

        – Bank of Canada RPAA payment functions include:  
            – Initiation of EFTs
            – Authorizations and transmission of EFT instructions
            – Clearing or settlement 

• Regulatory Standing: The registrations are in good standing, with no known regulator issues, conditions, findings, or enforcement actions. 

• Operational Status: Effectively dormant. A brief pilot of a currency-exchange app processed approximately USD 500 in total, mostly founder-initiated, before being wound down. The entity currently has no clients, no active operations, and no end-user funds. 

• Financial Position: No debt, loans, or financial liabilities. Any founder advances are recorded as a shareholder loan and will be settled outside the transaction. 

• Capital Requirements: No minimum regulatory capital requirement applies to the FINTRAC MSB registration or the Bank of Canada RPAA PSP registration. 

• Banking Position: Operational bank account maintained with Royal Bank of Canada. 

• Compliance Framework: FINTRAC-compliant AML/CTF program in place, including compliance officer arrangements, written policies and procedures, risk assessment, KYC/CDD, record-keeping, and reporting. The entity also maintains an RPAA operational risk-management and incident-response framework. 

• Cost Profile: Negligible monthly maintenance costs, limited to corporate and registry upkeep and any applicable Bank of Canada annual assessment. 

This Canadian dual-registered MSB and RPAA PSP represents an attractive acquisition opportunity for payment service providers, fintech groups, FX businesses, remittance providers, and investors seeking a faster pathway to establish a regulated presence in the Canadian payments market. Any prospective purchaser will be required to complete the applicable change-of-control, re-registration, regulatory notification, due diligence, and onboarding requirements. 

For further information on the sale of this Canadian dual-registered payments entity, please contact our Mergers & Acquisitions team at info@salvusfunds.com. More entities for sale can be found within our Entity Acquisition or Sale.

SALVUS Funds’ teams can be engaged and guide on new license authorizations for investment, payments or crypto-asset services, ongoing regulatory compliance consultancy for such licensed entities, and support in successfully acquiring ready-made regulated entities.

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