FAQ
A Canada MSB can offer money transmission (payment services), foreign exchange dealing (forex), trading with virtual curencies and more. We do not recommend Canada MSBs for Crypto Exchange operations. See our Resources section for more info. You can widen your range of permissible activities even more by adding for example a Swedish Trust Company to your financial structure, see www.swedishtrust.se for full details.
The Montana MSB is registered with FINTRAC as Supervisory Authority for AML/CFT purposes. As a Regulated Provider, the MSB needs extensive AML/CFT compliance policies with regards to KYC, Suspicious Transaction Reporting, Risk Assessments etc. Our MSB Companies come complete with the required AML/CFT policiy documentation.
Only for Registered Agent and Registered Office address. FINTRAC is not charging annual license or registration fees.
No, a Canada MSB can be formed with owners of any nationality and resident anywhere in the world. British Columbia and Ontario do not require a resident director. However, if you wish to open local bank accounts in Canada, a resident director will be required. A nominee director service can be provided for this purpose.
No, Canada puts no restrictions on where you can offer services nor are you required to offer any services in/within Canada. However, if you would target other specific jurisdictions, you would likely trigger local license requirements there. See our MSB Resources section for more information.
Processing time for the formation of a new Canada MSB with the name of your choice is 3-4 weeks. We also have existing off-the-shelf entities for sale from time to time. Deployment time for the EBANQ White Label Banking Software is 24-48 hours.
Yes, please visit our Resources section for links to the site where you can verify the FINTRAC MSB registration status.