MSB registration in Canada

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What is

MSB registration in Canada


Money Service Businesses (MSBs) are businesses offering services such as foreign exchange dealing, money transmitting, or digital assets dealing. In Canada, they must comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

Also, before starting operations, MSBs must register their business with the Financial Transaction and Reports Analysis Centre (FINTRAC). Their applications must contain information on the company's bank account, compliance officer, employees, etc.

More on MSB registration.