Money services business registration with FINTRAC in Canada
Businesses that exchange currency, remit funds, deal in virtual currency or run crowdfunding platforms for Canadian clients must register with FINTRAC as a money services business, including foreign firms without a Canadian office. Registration is an AML registration, not a banking licence, and it must be renewed every two years. Since 26 March 2026 the penalties for AML failures are far higher.
Facts under review · last checked 2026-10-08 · confirm figures with the regulator before relying on them
Regulator · Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) ↗
Key facts
- Who must register
- Businesses offering foreign exchange, funds remittance, money orders, virtual currency exchange or transfer, crowdfunding platforms, armoured car or cheque cashing services; foreign MSBs that direct services at and serve clients in Canada also registeras of 2026-10-08Source ↗
- Registration fee and processing
- FINTRAC charges no registration fee; most complete applications are processed within three monthsas of 2026-10-08Source ↗
- Validity
- Registration is valid for two years and must be renewed before expiryas of 2026-10-08Source ↗
- Maximum penalty per violation
- C$20,000,000 for an entity (previously C$500,000) and C$4,000,000 for a person, for violations after 26 March 2026; compliance agreements become mandatoryPCMLTFA s. 73.1 as amended by Bill C-12as of 2026-10-08Source ↗
Realistic timeline
Who does what, and how long each phase usually takes once work starts. The regulator’s share is outside anyone’s control.
- HartsizScoping and compliance programme design2–4 weeks
- YouCompliance officer, record checks and registration pack3–8 weeksHartsiz drafts the programme; the client supplies people, documents and decisions
- RegulatorFINTRAC review and registration4–13 weeksOutside our control; most complete applications are processed within three months
Estimated end to end: 9–25 weeks. Not a guarantee.
What the regulator expects to see
- Compliance officer and written AML/ATF compliance programme with risk assessment, policies, training and two-year effectiveness review
- Criminal record checks for the CEO, president, directors and anyone owning or controlling 20% or more
- Foreign MSBs must appoint a representative resident in Canada to accept FINTRAC notices
- Separate provincial requirements, such as Quebec's MSB licensing, where relevant
Questions we get
Do we need an office in Canada?
Not to register as a foreign MSB, but you must appoint a representative who resides in Canada and you must meet all Canadian AML reporting and record-keeping duties.
Do we also need to register with the Bank of Canada?
Possibly. Many MSBs that perform retail payment activities also fall under the Retail Payment Activities Act and must register with the Bank of Canada separately.
Changes affecting this route
- Canada · Crypto, Fintech & Crypto · high impact
Canada raises FINTRAC penalties under Bill C-12
The Strengthening Canada's Immigration System and Borders Act (Bill C-12) received royal assent and amended the PCMLTFA penalty regime. The maximum penalty for a prescribed violation is now C$20 million for an entity, and FINTRAC says the new framework applies to violations occurring after 26 March 2026. MSBs, including virtual currency dealers, should re-test their compliance programmes against this exposure.
Source ↗