To get an MSB license in Canada, you register your business with FINTRAC, Canada's financial intelligence agency. FINTRAC charges no registration fee and says most complete applications are processed within three months. Registration lasts two years, and you must be registered before you offer any money services.
If you are launching a remittance service, a currency exchange or a crypto business, a bank or partner may ask about your FINTRAC status early. This guide walks you through who must register, the seven steps, the documents FINTRAC asks for, the costs and the extra rules in Quebec, so you can apply with confidence.
Is an MSB License Really a License in Canada?
Not in the legal sense. Canada has no federal licence for money services businesses. Instead, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires you to register with FINTRAC, and registered businesses appear in FINTRAC's public MSB Registry.
The difference matters in practice. When a bank, payment partner or client asks for your "licence," they are usually asking for proof of FINTRAC registration, such as your listing in the MSB Registry.
To operate legally, you need the following:
- FINTRAC registration before you offer any money services
- A compliance program that meets federal anti-money laundering rules from your first day of business
- A Revenu Québec licence as well, if you operate a money services business in Quebec
If you would rather have a lawyer manage the process with you, see how our MSB registration lawyer services work.
Who Needs to Register as an MSB in Canada?
You must register with FINTRAC if you have a place of business in Canada and offer any of these services:
- Foreign exchange dealing
- Remitting or transmitting funds
- Issuing or redeeming money orders, traveller's cheques or similar instruments
- Dealing in virtual currency
- Crowdfunding platform services
- Armoured car services
- Cheque cashing
- Acquirer services for privately owned ATMs
FINTRAC treats you as having a place of business in Canada if you are incorporated here, have a physical location here, or have employees, agents or branches here. For edge cases, see our guide on who needs MSB registration in Canada.
Foreign MSBs Serving Canadians
A foreign MSB (FMSB) is a business with no place of business in Canada that directs money services at people in Canada and provides those services to them. Marketing aimed at Canadians or using a ".ca" domain are signs that a business directs services here.
A foreign MSB must also register with FINTRAC. It must name a representative for service who lives in Canada and can accept FINTRAC notices, but the foreign business stays responsible for its own obligations.
Who Is Not Eligible to Register?
FINTRAC will refuse registration in some cases. You cannot register if the business, or its CEO, president, directors or anyone who owns or controls 20% or more, falls into one of these groups:
- People convicted of money laundering or terrorist financing offences, including similar foreign convictions
- People convicted of certain other listed offences, such as drug offences other than simple possession, specified fraud offences or offences linked to terrorism and organized crime
- People convicted more than once of certain tax, customs or other listed offences
- Listed persons or terrorist groups under Canadian law
Not Sure if Your Business Needs to Register?
Tell us the services you plan to offer. We confirm whether you must register and quote a fixed fee for the work.
How to Register an MSB With FINTRAC in 7 Steps
FINTRAC registration follows a set order. Getting each step right before you submit is the best way to avoid delays.
- 01
Confirm your services
List every money service you will offer and decide whether you are an MSB or a foreign MSB.
- 02
Choose your business structure
You can register as a sole proprietor, a partnership or a corporation. Incorporation is not required, though many owners choose it for other business reasons.
- 03
Appoint a compliance officer and build your compliance program
A compliance program is the written policies, risk assessment, training and reviews an MSB must have under federal law. It should reflect how your business really operates, not a generic template.
- 04
Get criminal record checks
You need checks for the CEO, president, directors and anyone who owns or controls 20% or more, or for yourself if you are a sole proprietor. Each check must come from the country where the person lives and be issued no more than six months before you apply.
- 05
Complete FINTRAC's pre-registration form
A FINTRAC compliance officer then contacts you with the registration form.
- 06
Submit your package through FINTRAC's secure link
The link expires within 15 days. If you miss that window, FINTRAC closes the application and you must apply again.
- 07
Answer clarification requests and receive your number
You have 30 days to answer any FINTRAC questions. Once your registration is approved, your business appears in FINTRAC's public MSB Registry.
Records in a language other than English or French need a certified translation before you register. Plan for this early if any owner or director lives outside Canada.
Documents and Information You Need
FINTRAC asks for detailed information about the business and the people behind it. Use this checklist to prepare.
| What to prepare | Practical tip |
|---|---|
| Business details, and incorporation documents if you are a corporation | Make sure names and addresses match on every document |
| Ownership and control structure | Show everyone who owns or controls the business, directly or indirectly |
| Details of owners, directors and senior officers | Include everyone at 20% ownership or control |
| Criminal record checks | Issued no more than six months before you apply |
| Compliance officer details | Name a person with real authority and resources |
| Every location, branch and agent | Leave none out, including agents who act for you |
| Services and expected transaction volumes | Base the estimates on your business plan |
| Banking information | Start planning your banking early |
How Long Does MSB Registration Take?
FINTRAC says most complete applications are processed within three months of receiving the full package. More complex files can take longer.
The most common delays come from missing information, unclear ownership, records that need translation and slow replies to clarification requests. A complete and consistent package is the fastest route. Learn more about what tends to slow MSB applications down.
How Much Does an MSB License Cost?
FINTRAC does not charge a registration fee. Your real costs come from preparing the application and running your program, such as legal help, criminal record checks, translations, compliance software and staff training.
At Cloudhaus Law, registration work is quoted as a flat fee before work starts. Founders who want ongoing support can also choose the BASIC monthly plan at $1,499 per month for 15 hours of legal projects. Prices are in Canadian dollars, and HST, disbursements and third-party charges are extra.
Quebec charges its own licence fees, which Revenu Québec publishes on its website. If you plan to serve clients there, budget for that licence separately.
Some owners also compare these costs with buying a business that is already registered. Before you decide, compare registering a new business with buying one that is already registered. Buying does not skip the rules, and FINTRAC must be told about changes in ownership.
Provincial and Other Rules to Check
FINTRAC registration is federal and applies across Canada. Some provinces and other regulators add their own layer.
Quebec
If you operate a money services business in Quebec, you also need a licence from Revenu Québec under the province's Money-Services Businesses Act. It covers services such as currency exchange, funds transfers, cheque cashing and ATM operation, including crypto ATMs. FINTRAC registration alone is not enough there.
Ontario and Other Provinces
Ontario has no separate provincial MSB licence, so FINTRAC registration is the main requirement for an Ontario business. British Columbia has passed a Money Services Businesses Act, but the province says it will come into force through regulation, so check its status before you launch there.
Payment Service Providers and Crypto Platforms
If your business handles electronic payment functions for others, you may also need to register with the Bank of Canada under the Retail Payment Activities Act. If you run a crypto trading platform, securities rules may apply as well, because FINTRAC registration covers anti-money laundering duties only.
Serving Clients in Quebec or Across Canada?
We map your FINTRAC and provincial steps in one plan and give you a fixed-fee quote before work starts.
How to Keep Your MSB Registration Valid
Approval is the start of your obligations, not the end. These are the main rules for staying in good standing.
Report Changes Within 30 Days
Tell FINTRAC within 30 days if your registration details change, such as new owners, agents, locations or services. If you stop offering money services, you must cancel your registration within 30 days.
Renew Every Two Years
Your registration is valid for two years. File your renewal before the expiry date, because failing to renew can lead to penalties or other consequences.
Meet Your Reporting and Record-Keeping Duties
Once registered, you must verify client identity, keep records and file reports such as large cash, large virtual currency, international funds transfer and suspicious transaction reports. Read our guide to FINTRAC reporting requirements for the details.
Check Your Agents
If you use agents, you must verify their eligibility and review criminal record checks before you engage them. These rules came into force on October 1, 2025, and agents you already had must meet them by October 1, 2027.
What Changed for MSBs in 2026
On March 26, 2026, changes under Bill C-12 came into force. FINTRAC says maximum administrative monetary penalties can now reach up to 40 times the previous limits for violations after that date.
FINTRAC can require mandatory compliance agreements for certain violations. It can also revoke a registration in some cases, for example if the business becomes ineligible or does not give FINTRAC information it must provide.
Treat compliance as a daily part of running the business. If you have already received a notice, get help with an MSB revocation quickly, because deadlines are short.
How Cloudhaus Law Helps With MSB Registration
Cloudhaus Law is led by lawyer Irbaz Wahab, who has worked with more than 80 MSB clients. We help you confirm which services you offer, build a compliance program that fits your business, prepare a complete application and respond to FINTRAC questions.
You get a fixed-fee quote before work starts, with no retainers and no surprises. We serve MSBs across Canada. To start, book a free MSB consultation and tell us what you plan to offer.
MSB License FAQs
Is FINTRAC registration the same as an MSB license?
How long does MSB registration take in Canada?
How much does it cost to register an MSB?
Do I need a corporation to register an MSB?
Can I be my own compliance officer?
Can I start operating while my application is pending?
Can a foreign company register as an MSB in Canada?
Does FINTRAC registration cover Quebec?
Ready to Register Your MSB?
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This article is general legal information, not legal advice. For advice about your situation, speak with a lawyer.
Irbaz Wahab
Irbaz Wahab leads Cloudhaus Law, a Canadian business law firm focused on franchise, business and MSB law. He has worked with more than 100 franchise clients, helped open more than 70 franchise locations and worked with more than 80 MSB clients. The firm works on a fixed-fee model, with no retainers and no surprise bills.