Complete Guidance for Money Services Businesses in Canada
The Canada MSB Registration is required for businesses operating as a Money Services Business (MSB) under FINTRAC regulations. This includes businesses dealing with money transfer, currency exchange, or issuing payment instruments in Canada.
Registration ensures your business is legally compliant, protects customers, and allows access to banking and payment networks.
7BaaS helps fintechs, remittance companies, and payment providers navigate FINTRAC requirements, prepare documentation, and maintain ongoing compliance.
Operating without an MSB registration can result in fines, legal action, and business shutdown.
Businesses that need MSB registration include:
MSB registration is mandatory to operate legally in Canada.
To register as an MSB in Canada, businesses must:
7BaaS ensures that all regulatory requirements are met efficiently, reducing delays and risk of rejection.
Step | Activity | Duration |
1 | Regulatory Assessment | 1 week |
2 | Documentation Preparation | 1–2 weeks |
3 | FINTRAC MSB Registration Submission | 1–2 days |
4 | FINTRAC Review & Feedback | 2–4 weeks |
5 | Post-Registration Compliance | Ongoing |
Timeline may vary based on the complexity of your business and readiness of documentation.
Determine if your business qualifies as an MSB
AML/KYC policies, risk assessments, and reporting procedures
Prepare and submit FINTRAC MSB registration forms
Monitoring, reporting, and regulatory updates
Guidance on banking, fintech operations, and cross-border payments
Operate legally under Canadian law
Required for opening business accounts and collaborating with banks
Licensed businesses demonstrate credibility
Attract investors and partners with a compliant framework
Avoid fines, penalties, or enforcement actions
With 7BaaS, businesses get full regulatory support from registration to ongoing compliance.
Partner with 7BaaS to secure your MSB registration quickly and compliantly. We provide expert guidance for application filing, AML/KYC setup, and ongoing compliance.
