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MSB Licence in Canada

MSB Licence in Canada: Ready-Made Company with FINTRAC Licence

MSB (Money Services Business) — a FINTRAC licence for providing payment and money services in Canada.

COREDO offers a ready-made MSB company with an active licence (ownership transfer included), as well as support for obtaining a new licence.

Canadian MSB does not require minimum capital and offers a fast licensing process (3–5 months).
The ready-made company includes permissions for money remittance, FX, virtual currencies, and payment services.

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Cost of the service
from EUR 25,000

Obtaining a New MSB Licence in Canada

COREDO offers a ready-made MSB company registered in British Columbia with a FINTRAC licence obtained in July 2023. Permitted activities include money remittance, virtual currency operations, currency exchange, and payment services (PSP).

Package 1 — Registration + FINTRAC MSB (from EUR 25,000 + VAT).

Includes: name reservation, company registration in Ontario, registered office for 1 year, corporate documents preparation, share issuance, UBO verification, AML policy development, and application filing. Timeline: 3–5 months.

Package 2 — FINTRAC MSB + Bank of Canada RPAA (from EUR 40,000 + VAT).

Everything in Package 1 plus: Bank of Canada documentation preparation, application filing with Bank of Canada, regulator communication. Government fee Bank of Canada: 2,500 CAD. Timeline: 4–6 months.

Additional services:

Real office sublease in Canada from EUR 500–600 + VAT/month, AML/Compliance consultant from EUR 5,400 + VAT/month.

Annual maintenance:

MSB documentation update: from EUR 2,700 + VAT/year.
FINTRAC licence renewal: from EUR 5,000 + VAT/year.

MSB licence is issued for 3 years.

Process of Purchasing a Ready-Made MSB Company in Canada

Application

Client contacts COREDO specialists with a request to purchase an MSB company.

01

Discussion of Terms

Both parties agree on deal details and verify documentation.

02

Execution

Preparation and signing of the contract fixing all agreed terms.

03

Transfer

Ownership change, transfer of documents and access credentials.

04

Our Experts

Pavel Kos

At COREDO since June 2017, leading the legal team since July 2020. Pavel coordinates legal support for ready-made company transactions and MSB licensing procedures in Canada and other jurisdictions. Education: University of Finance and Administration, Prague.

Alena Mach

Executive Director

Nikita Veremeev

Founder & NED

Gregory Lutsenko

Head of Compliance

Jurisdictions

COREDO provides MSB licensing services in the following jurisdictions:

Canada (British Columbia, Ontario) — primary market with a favourable regulatory framework for fintech and cryptocurrencies

USA (selected states) — by request (Money Transmitter License)

European Union — EMI licence as an alternative to MSB

Comparison Table

Parameter	MSB Canada	EMI EU	Money Transmitter USA
Minimum capital	Not required	EUR 350,000	Depends on state
Licensing timeline	3–5 months	3–6 months	4–12 months
Physical office	Mandatory	Mandatory	Depends
Crypto-assets	✅ Allowed	❌ Restricted	✅ Allowed
Money remittance	✅ Yes	✅ Yes	✅ Yes

Work Process

The process of obtaining an MSB licence in Canada consists of the following stages:

Stage 1: Company Registration (1–2 weeks)

Name reservation, registration in the province (British Columbia or Ontario), obtaining Business Number from CRA.

01

Stage 2: AML/CFT Documentation Preparation (2–3 weeks)

Development of AML policy, risk management policy, transaction monitoring procedures, compliance procedures according to PCMLTFA.

02

Stage 3: Application Submission to FINTRAC (1 week)

Completion and submission of MSB registration form with complete documentation package to FINTRAC.

03

Stage 4: Review and Approval (2–4 months)

FINTRAC conducts document verification and may request additional information. After approval, the company is included in the MSB registry.

04

Case Studies

Case 01Polish Remittance Company — FINTRAC Registration in 6 Weeks.

A Polish remittance operator expanding into Canada needed FINTRAC MSB registration to process CAD, USD, and EUR transfers for immigrant clients in Ontario. COREDO managed the full registration process, prepared the AML/CFT compliance framework, and established transaction reporting procedures under PCMLTFA. MSB registration was granted within 6 weeks, enabling the client to launch remittance operations without delays.

Case 02Czech Crypto OTC Desk — MSB Licence and AML Programme in 5 Weeks.

A Czech cryptocurrency exchange establishing an OTC trading desk in British Columbia required FINTRAC MSB registration and a compliant AML programme before onboarding Canadian institutional clients. COREDO completed the FINTRAC registration, drafted a full AML/CFT policy tailored to virtual currency regulations under PCMLTFA, and implemented transaction monitoring procedures. The MSB licence and AML programme were delivered within 5 weeks.

Case 03Payment Aggregator Achieving Full Provincial Compliance.

A Toronto-based payment aggregator needed both federal FINTRAC registration and provincial money services licences across three provinces. COREDO managed the parallel application process, built the AML/CFT programme to satisfy both federal and provincial requirements, and completed full compliance in 8 weeks. The company launched operations nationwide without regulatory delays.

Discuss Your Acquisition

COREDO Advantages

Ready-made company with licence

active MSB with complete AML/CFT documentation package, ownership change included in the price.

Two options

purchase a ready-made company (EUR 40,000) or obtain a new licence (from EUR 25,000) depending on client needs.

Full cycle of services

from company registration to annual corporate maintenance and licence renewal.

Experience since 2016

9+ years working with financial licences in 8+ jurisdictions.

Contact us

Frequently Asked Questions

What activities are permitted for MSB in Canada?

MSB licence allows money remittance operations, virtual currency transactions, currency exchange (forex dealing), and payment services (PSP). As of April 2025, cheque cashing is also included in the MSB scope.

What is the difference between a Canadian MSB and a Foreign MSB?

Under PCMLTFA, a Canadian MSB is required for companies with a physical presence in Canada — for example, an office or employees in the country. A Foreign MSB is required for companies without a Canadian office that nevertheless serve Canadian clients, such as offering money transfer or virtual currency services to Canadian residents from abroad. Both types must register with FINTRAC.

Can a non-resident be a director of an MSB?

Yes. A non-resident of Canada can be the director of a Canadian MSB company. This simplifies market entry for international entrepreneurs.

Does FINTRAC conduct ongoing compliance reviews of registered MSBs?

Yes. FINTRAC carries out periodic compliance examinations of registered MSBs to verify adherence to AML/CFT obligations under PCMLTFA. Examinations may be scheduled or unannounced and cover transaction records, AML policies, staff training, and suspicious transaction reporting. COREDO supports clients in preparing for FINTRAC compliance examinations and maintaining up-to-date AML documentation between renewal cycles.

Contact COREDO

Order a consultation on purchasing a ready-made MSB company or obtaining a licence in Canada.

Tel. +420 228 886 867 · info@coredo.eu K Cervenemu dvoru 3269/25a, Prague, 130 00

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