Registering a Money Services Business under FINTRAC in Canada in 2023
As the world’s tenth-largest economy, Canada has established a resilient financial system that confidently survived the recent global financial crises. Anchored in this strong economic foundation, Canada features one of the most robust and dependable banking systems worldwide.
A pivotal element contributing to the banking system’s success is the Financial Transactions and Reports Analysis Centre (FINTRAC) of Canada. Tasked as the financial intelligence unit, FINTRAC is responsible for preventing and combating money laundering and terrorist financing. Consequently, Canadian businesses offering money services are mandated to register and operate under the supervision of FINTRAC.
Within the next sections, the SALVUS Payments Services Licensing team discusses key aspects of registering a Money Services Business (MSB) under FINTRAC. Our article is divided into the following sections:
- Why register an MSB under FINTRAC?
- Which are the MSB services?
- MSB vs. FMSB
- What are the main registration requirements?
- How SALVUS can support your MSB registration
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Find the full article here: https://salvusfunds.com/2023/11/17/registering-a-money-services-business-under-fintrac-in-canada-in-2023/
