Setting up a Canada Money Services Business in 2024
Since 2003, Healy Consultants has been assisting multinational Clients set up businesses around the world in an array of sectors. This includes money services, such as i) foreign exchange ii) money transfer iii) issuing or redemption of money orders iv) virtual currency dealing. Our expert team can assist to set up a Canada Money Services Business for our Client.
The main requirements for setting up a Canada Money Services Business
- To conduct money services business in Canada you must register your company with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC);
- Applicants must submit the following documents and information to FINTRAC:
- Bank account information;
- Information about the company’s compliance officer;
- Number of employees and organisational structure;
- Corporate documents;
- Operational address;
- Detailed information about business owner(s) and senior management;
- An estimate of the number and value of transactions per year;
- Detailed information about every agent (if any);
- Compliance policies and procedures;
- Risk assessment and mitigation measures and strategies;
- Information on training programs;
Canada Money Services Business (MBS) registration steps
- Preparation of a quality MBS pre-registration form. Healy Consultants Group will submit a pre-registration form, and within five days will be approached by a FINTRAC officer;
- Preparation of a quality MBS registration form. During the application preparation process, our Client will be required to provide Healy Consultants Group with the following information and documents:
- bank account information;
- information about the compliance officer;
- an Organizational Chart and number of employees;
- corporate documents;
- detailed information about owners and the senior management;
- financial projections;
- detailed information about every MSB agent (if any); and
- a police record check for every owner.
- Anti-Money Laundering (AML) and Risk Assessment programme: Healy Consultants Group will prepare a detailed AML and Risk Assessment programme including i) AML policies and procedures ii) Documented Risk Assessment iii) Detailed information about a Compliance officer iv) Know Your Client policy v) Reporting procedures vi) Record keeping and vi) Training;
- Submission of the MSB registration application: After the quality preparation of the required documents and policies, Healy Consultants Group will submit the MSB registration application to the FINTRAC;
- Application review. During the application review, FINTRAC may request additional information about the business activity. Healy Consultants Group will prepare and submit any additional information;
- Approval. Information on final approval for the application will be publicly available on FINTRAC’s MSB registry search.
Our service packages
Healy Consultants Group will project manage your Canada Money Services Business set up from start to finish. Our standard services package includes i) company registration ii) company secretary and registered address services iii) opening a multicurrency corporate bank account iv) sourcing a qualified resident director v) preparation of AML/CFT programmes and other required documents vi) securing Money Services Business status with FINTRAC.
Additionally, our Firm can also offer multiple additional support services, including i) accounting and bookkeeping services ii) merchant account opening services iii) drafting of prospectus if your Firm is planning to issue structured products and iv) assistance to recruit employees.