Money Services Businesses
Streamline identity verification, transaction monitoring, and recordkeeping while meeting your mandatory FINTRAC obligations. Whether you're handling remittances, virtual currency, or foreign exchange, compliance under Canada’s PCMLTFA is a legal necessity—not a choice.
Avoid fines, protect your business, and stay audit-ready with a solution built specifically for Money Services Businesses (MSBs).
Who Is It For?
(including Hawala, Hundi, Fei ch’ien, Chitti)
If you're an MSB operating in Canada or serving Canadian customers, FINTRAC requires you to enrol, verify identities, document transactions, and report suspicious or large cash activities.
Industry Overview
Money Services Businesses (MSBs) are designated as reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). This includes any business that provides currency exchange, remittance services, virtual currency transactions, or payment instruments.
FINTRAC requires MSBs to implement robust Know Your Client (KYC), beneficial ownership tracking, recordkeeping, and suspicious activity monitoring programs. With rising scrutiny—particularly in virtual currencies and informal transfers—compliance is more vital than ever.
New Compliance Landscape: Bill C-2
Canada’s Bill C-2, currently in Parliament, introduces sweeping reforms to AML enforcement, including:
Severe penalties
Individuals may face fines of up to $4 million, and businesses like MSBs up to $20 million per violation.
Mandatory registration & renewals
MSBs must enrol with FINTRAC, update business records, and undergo periodic reviews.
Expanded compliance scope
Virtual currency, cross-border remittances, and complex business structures will face stricter requirements.
Our tools help you adapt quickly and stay protected against evolving regulatory risks.
Common Challenges
Our Solutions
Collect required ID, address, and purpose of business info through guided steps.
Support FINTRAC-approved verification methods for non-face-to-face clients.
Capture individuals with 25%+ control and generate structured declarations.
Maintain history of control changes, suitable for inspections.
Retain ID, authorizations, and transaction logs for five years.
Generate regulator-ready reports in one click.
Daily refreshed watchlists integrated for onboarding and periodic reviews.
Flag foreign PEPs, heads of international organizations, or linked parties.
Services Relevant to This Industry
Real-World Use Cases
Use Case 1: New virtual currency customer
Customer uploads ID and address online; system validates and screens for PEPs before approving wallet setup.
Use Case 2: Foreign remittance flagged
Transfer sent to a high-risk jurisdiction triggers enhanced due diligence and STR prompt.
Use Case 3: Audit preparation for FINTRAC
Compliance officer retrieves all onboarding forms, risk ratings, and reporting logs through the dashboard.
Frequently Asked Questions
Do MSBs need to register with FINTRAC?
Yes. You must register, renew, and keep your business information current or face penalties.
What ID is needed for clients?
Acceptable documents include government-issued photo ID or use of dual-process methods. We support all FINTRAC-approved techniques.
How is beneficial ownership tracked?
You must document anyone owning or controlling 25%+ of a company. Our platform guides this process.
What if a client is flagged as a PEP?
Enhanced due diligence is mandatory. The system will escalate and prompt you for senior approval and extra monitoring.
How long must records be stored?
Five years from the transaction date or end of client relationship—whichever is later.
Getting Started
Whether you’re launching a remittance app or operating a high-volume FX desk, we help you meet every FINTRAC requirement without slowing down your operations.
Fill out the short contact form below or choose another convenient way to reach us.
Our team is here to support you with onboarding, audits, and everything in between.
Contact Us
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