FINTRAC MSB Registration — Federal Coverage, 6–8 Weeks, No Provincial Fragmentation

FINTRAC MSB registration is free and completed via FINTRAC's online portal. Once the application is submitted with all required information, FINTRAC typically processes it within 10–30 business days. Registration takes effect on the date FINTRAC confirms it in writing. Combined with prior incorporation (1–5 days) and bank account opening (2–6 weeks), a full MSB-to-banked timeline is 6–8 weeks. INNOVA CG prepares the registration package and liaises with FINTRAC on any additional information requests.

Yes. FINTRAC is a federal registration and covers all ten provinces and three territories of Canada. There is no separate provincial MSB licence required (unlike the US, which has state-by-state money transmitter licences). However, Quebec's AMF regulates money services businesses operating in Quebec and requires a separate provincial licence under the Loi sur les entreprises de services monétaires. INNOVA CG assesses provincial requirements at the outset.

To register as an MSB with FINTRAC, you must provide: company legal name and business number (CRA BN), a description of the specific money services activities (foreign exchange, money transfer, virtual currency, etc.), names and addresses of all agents and branches, information on the compliance officer and beneficial owners (25% or more ownership), and confirmation that a PCMLTFA compliance program is in place. There is no application fee. FINTRAC registration must be renewed annually.

Yes. A non-resident can own a Canadian corporation that is a registered MSB. The company itself must have a Canadian registered address (not a virtual office) and a compliance officer who is accessible to FINTRAC. The company must maintain all required PCMLTFA records within Canada or accessible from Canada. INNOVA CG provides the registered address, a Canadian compliance officer, and record-keeping infrastructure to satisfy FINTRAC's operational presence requirements for non-resident-owned MSBs.

Under the PCMLTFA, an entity must register as an MSB with FINTRAC if it engages as a business in any of: (1) foreign exchange dealing; (2) remittance or money transfer services; (3) issuing or redeeming money orders, traveller's cheques, or similar instruments; (4) virtual currency exchange or transfer. Retail foreign exchange conducted incidentally (e.g., a hotel) generally does not trigger registration. The threshold is commercial dealing, not transaction volume. INNOVA CG advises on activity classification before registration.