Canadian MSB Financial License
Since 2020, it has been possible to obtain a Canadian MSB license. Canada is one of the most developed countries in the world, ranking 14th in GDP and 9th largest economy in the world.
Canada's advantages:
Political stability;
A high degree of economic freedom;
Transparent and open markets;
Highly qualified personnel;
A favourable tax system;
A sound legal system. ----------- (wisefc1)
Canada is valued for its extensive banking system, which provides an attractive environment for the development of the financial business sector. For example, payment systems such as TRANSFERWISE, PAYSEND, WIREXEND, PAXUM and others have chosen Canada and obtained an MSB(Money Service Business) license.
What is a Canadian Money Services Business Licence?
It is a non-bank financial institution that allows certain financial activities. Canada's MSB is equivalent to the UK's EMI.
Businesses licensed by MSB Canada can carry out the following activities:
Developing its own payment system;
Currency exchange and international transfers;
Transfers of funds for individuals and legal entities within holding companies with complex corporate structures;
Virtual currency transactions;
E-commerce, merchants;
Cryptocurrency exchange services.
How do I get an MSB license?
FINTRAC(Financial Transactions and Reports Analysis Centre of Canada) is responsible for licensing and documentation verification. Only Canadian companies can obtain a business license for the Canadian Money Services Payment System. It takes an average of 2-3months to register a company and get a license.
In order to obtain an MSB license, the applicant must submit an approved set of documents. It includes:
Ready due diligence for all company members;
Personal questionnaires for company officers and compliance officers;
A detailed business plan;
Office address and other relevant information of the company;
A colour passport scan of each Director, shareholder and Beneficial Owner (UBO)
Bank English utility bills/references for up to 3 months;
Anti-money laundering procedures.
Canada has an Anti-Money Laundering Act (PCM TFA) that monitors the activities of companies, so businesses must abide by the commitments they make. However, the requirements of Canadian regulators are quite lenient compared to other jurisdictions.
Companies with MSB licenses must:
Comply with AML /CTF requirements;
Hire a compliance officer to monitor compliance with legal and regulatory requirements and develop compliance procedures;
Monitor risks, implement risk mitigation strategies, and document all processes accordingly;
Conduct regular training for employees, dealers and agents representing MSB company;
Comply with KYC requirements and customer identification policies;
Keep records and reports. Ready-made MSB license in Canada
Wisdom Consulting assists with the Canadian MSB license.
You will be interested in our offer because:
All compliance procedures have been established: anti-money laundering and KYC;
The reissuance of off-the-shelf permits takes up to 2 months, much less than the initial processing time;
The legal entity has been registered;
The company is a brand, it can change its name when necessary;
Lower cost compared to EMI in the UK;
Anlei code issuance;
Remote registration is possible.
After the renewal of the MSB Financial license, the company also provides a number of additional services:
Soft integration;
Help opening accounts and connecting to SWIFT.
Seeking professional help can help you reduce risk and save time.
