Your Money Services Business in Canada:
What you need to know

This information is for money services businesses in Canada. It explains their legal obligations under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

You are a money services business (MSB) if your business in Canada offers any of the following services to the public:

FINTRAC Advisory regarding Money Services Businesses dealing in virtual currency

If you do not offer any of these services to the public, then the obligations and responsibilities outlined below do not apply to you.

Your obligations and responsibilities

As a money services business (MSB) in Canada, you have legal obligations under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act. At the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), we make sure that businesses are in compliance with this law.

Below, you will find a short summary of your obligations and responsibilities. It is important that you understand these obligations and meet them to be in full compliance with this law.

Registration

You have to register your MSB with us before conducting any transactions. The registration of your business should be done online. Once you have registered, you have to:

Reporting

You have to report certain transactions to us. We provide secure online forms to report these transactions. They include:

Client identification

You have to identify each of your clients when you:

You also have to determine if your client is a:

Business relationship

You enter into a business relationship when you conduct two or more transactions in which you have to:

Record keeping

You have to keep records related to your clients and certain transactions. Some of the records you have to keep are:

A full list of records is available on our website.

Compliance regime

You have to develop a written set of practices to make sure you are complying with the law. These practices have to include:

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is an agency of the Government of Canada. It ensures compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Our services are available in English and French.

If you wish to register your MSB, please complete the Pre-registration form.

For all other questions related to MSB, you may contact us in the following ways:

Email: msb-esm@fintrac-canafe.gc.ca

Telephone: 1-866-346-8722 (toll free in North America)

Mail:
Financial Transactions and Reports Analysis Centre of Canada
24th Floor, 234 Laurier Avenue West
Ottawa, ON K1P 1H7
CANADA

Date Modified: