Canadian MSB Application Support

Canada has recently become a Fintech hub and the go-to place for a North American financial licence.  Our expertise in FINTRAC licensing will ensure that you obtain your licence in the quickest timeframe possible and meet all of your regulatory obligations efficiently once your licence has been granted. AuthoriPay are industry recognised specialists in this area as well as being advisory members of the Canadian MSB Association.

What kind of Company can get a Canadian MSB licence

AuthoriPay helps firms to become registered with FINTRAC in Canada as either a Money Service Business (MSB) or Foreign Money Service Business (FMSB). Whether your company wishes to operate as a money remittance firm, card issuer/acquirer, or even operate in the virtual asset space, we will help with your Canadian MSB licence as follows:

• MSB/FMSB registration
  We help prepare all materials relevant to your company’s application to FINTRAC. In addition to this, we will guide you through the online application process and act as a liaison between FINTRAC and your company through to final determination.
• Documented AML controls
  We will ensure that your company’s Anti-Money Laundering and Counter-Terrorist Financing controls meet the specific standards as required under Canadian law.
• Safeguarding accounts
  All MSBs and FMSBs are required, under the Retail Payments Activities Act, to open a safeguarding account to hold end-user funds. We will source the most appropriate safeguarding account for your company.
• Assistance with banking
  If required, we can source an appropriate bank or neobank that will provide your company with the operational accounts necessary to provide its services.
• Ongoing monitoring
  We will prepare your company for the stringent ongoing monitoring imposed by FINTRAC. This not only includes certain transaction monitoring requirements and reports, but also regulatory returns and site visits conducted by FINTRAC from time to time.