MSB Canada
MSB and FMSB from Canada: ReadyCorp
An MSB is a business organization that is not part of the banking system but can perform certain types of financial transactions within Canada including, but not limited to:
- Money transfer services
- Digital currency trading
- Payment systems
- Financial agents
- Currency dealers
- Issuance and sale of remittances
With this license, companies are allowed to conduct transactions in Canadian dollars or foreign currency, both within Canada and in other countries. In addition, MSB companies can work with individuals and legal entities, including international companies, which opens up opportunities for expanding business and increasing the customer base.
*MSBs in Canada are supervised under the Anti-Money Laundering and Counter-Terrorist Financing Act and regulated by the Financial Transactions and Reports Analysis and Analysis Centre (FINTRAC).
We offer 2 options for an MSB from Canada
Ready-Made Company or New Company Formation
Ready-Made Company
- Registered with FINTRAC
- AML/KYC policy
- Corporate Documents
- Corporate bank account
- AML Officer
- Local Director
- Local Office
Time Frame: 2+ Weeks
29.900 EUR
New Company Formation
- Consultant to guide you through every step of the process
- Full Company Formation
- Corporate Documents
- Personalized AML/KYC policy
- AML Officer
- Registration with FINTRAC
- Handling of the communications between FINTRAC
- Corporate bank account
- Local Director
- Local Office
Time Frame: 3-4 Months
15.500 EUR
MSB Requirements in Canada: We provide and fulfill these requirements
- Must open a physical office in Canada.
- Must be registered within FINTRAC.
- Must comply and adhere to AML/CTF policies, risk control, and monitoring rules, and must have a compliance officer responsible for developing and complying with AML/CTF.
- Must comply with client identification, record keeping, and reporting rules.
- All founders, shareholders, and employees must be in good standing. Companies need to provide the regulator with certificates of non criminal record in his/her country of citizenship.
- Must monitor suspicious transactions and report information to the appropriate government agencies.
- At least one director with economic experience must be appointed to the company.
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