MSB Lawyer & Consultant North York

A lawyer is not mandatory, but the filing is more demanding than it looks. You must pick the correct MSB category, disclose beneficial owners, and have an AML program ready to stand behind. Errors slow approval and can spook your bank. Legal help confirms your classification and gets the file right the first time.

FINTRAC expects five building blocks: a named compliance officer, written policies and procedures, a documented risk assessment, ongoing staff training, and a review of the program's effectiveness at least every two years. As of March 2026, the program must also be reasonably designed, risk-based, and effective. For North York remittance businesses, that includes any Ministerial Directive affecting your corridors.

Losing registration means you can no longer legally operate as an MSB, and banks typically close accounts soon after. FINTRAC can act on grounds such as ineligibility or unanswered information requests, and a revoked business has 30 days to request a review. In past matters, strong representations have persuaded FINTRAC to withdraw or change a notice. Results depend on the facts, and nothing is guaranteed.

When your documents are complete and accurate, expect roughly two to six weeks from submission to confirmation. Files get held up by missing ownership details, unclear service descriptions, or an unfinished AML program. FINTRAC charges nothing to register, and registration must be renewed every two years. Founders who would rather acquire an existing operation can learn how to buy an MSB that is already registered in Canada.

Three kinds of risk apply. The PCMLTFA provides for criminal fines and imprisonment when a business operates without registering. For violations after March 26, 2026, maximum administrative penalties now reach $40,000, $4 million, and $20 million per violation, depending on severity. And in practice, few banks in North York or elsewhere will serve an unregistered MSB. Checking your classification first avoids all three.

The difference is location. An MSB has a Canadian place of business, such as Canadian incorporation, an office, or staff, agents, or branches here. An FMSB operates from outside Canada but directs and provides money services to Canadian clients. Both need FINTRAC registration before serving Canadians and share the same core obligations.

Send a written response before the deadline stated in the Notice, usually about 30 days away. Address every deficiency listed and show the fixes you have made. Do not call FINTRAC or reply on your own, since an unrepresented response can backfire. Plan as though the deadline cannot move, and get counsel involved immediately.

Yes. Penalties follow their own review and appeal path, separate from any revocation, and the time limits are short. Given the far higher maximums introduced by Bill C-12, challenging both the amount and the findings with legal help is worth serious consideration.

Core filings include Large Cash Transaction Reports within 15 calendar days for cash of $10,000 or more, Large Virtual Currency Transaction Reports within 5 working days at the same threshold, and Electronic Funds Transfer Reports for international transfers of $10,000 or more. Suspicious Transaction Reports are filed as soon as practicable. Under the Ministerial Directive on Iran, every transaction to or from Iran must also be reported, regardless of amount. The 24-hour rule applies to threshold reports. Our guide to FINTRAC reporting requirements covers each deadline in more detail.

Call an MSB lawyer the same day, because the clock is already running. Keep every compliance record exactly as it is, including AML policies, client identification files, transaction logs, training records, and audit work, and do not edit anything. Go through the Notice line by line and note each PCMLTFA provision and date it mentions. Write a plain factual summary of the issue while it is fresh. Hold off on contacting FINTRAC until you have legal advice.

FINTRAC will ask for your legal name and address, ownership and corporate structure, the names and addresses of beneficial owners and directors, the MSB services you plan to offer, where you will offer them, your compliance officer's details, and banking information. Identification for owners and directors and a summary of your AML program are also needed. Missing or inconsistent details are a leading cause of delays and refusals.

Generally at least five years, counted from the transaction date or the date the record was created. That applies to client identification, transaction records, large transaction reports, policies and procedures, training logs, and risk assessments. FINTRAC examiners often request records spanning several years, so organized storage matters as much as retention.

Yes. Banks apply their own AML reviews to MSB clients, and those reviews often ask for more than FINTRAC does, especially for businesses sending money to higher-risk corridors. We prepare the compliance package banks expect, help align your operations with their requirements, and respond to due diligence questions, improving your chances of opening and keeping an account.