01
I need to register with FINTRAC
New in Canada, or new to regulation. We help you register as a money services business and put a program in place from your first day of business.
Start with registrationEvery payment you move leaves a trail.
AML and regulatory compliance services for businesses FINTRAC regulates in Canada.
Compliance means learning to see it.
We help money services businesses register with FINTRAC, build their compliance program and stay ready for examination.
And knowing what to do when something looks wrong.
Identify the client. Screen the names. Watch for patterns. Report to FINTRAC on time.
Built for the businesses FINTRAC regulates.
Money services, virtual currency, crowdfunding and the payments companies around them. If you provide money services in Canada, or to people in Canada from abroad, you have to register with FINTRAC.
- Money transfer and remittance
- Foreign exchange dealing
- Virtual currency dealing
- Crowdfunding platforms
- Money orders and traveller's cheques
- Armoured car services
- Cheque cashing
- Payment service providers (RPAA)
- Foreign MSBs serving Canadians
- Payments and fintech start-ups
Clients served by our team
Fix one gap today. Build the rest on your timeline.
02
My program needs building or fixing
Your policies, risk assessment or training have fallen behind how the business runs today, or a bank partner is asking to see them.
Build my program03
I have a review or examination coming
Your effectiveness review is due, or FINTRAC has been in touch. We test what you have and get you ready to show how it works.
Prepare for reviewWhere are your gaps?
Answer four questions and see what's already in place. Your answers stay in this page, and you can carry them into your consultation request.
In place
A quick self-check, not legal advice or a compliance assessment.
The rules come with numbers.
You'll meet these five early. We build your program around them.
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$10,000
The reporting threshold
Receiving $10,000 or more in cash or virtual currency, or sending or receiving an international electronic funds transfer of $10,000 or more, means a report to FINTRAC. Smaller amounts that add up to that within 24 hours count too.
Covered in compliance programs
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5
Parts of every compliance program
A compliance officer, written policies and procedures, a risk assessment, an ongoing training program and an effectiveness review.
Covered in compliance programs
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2years
Between effectiveness reviews, at most
Your program has to be tested at least every two years to show it works as written. MSB registration also has to be renewed every two years.
Covered in effectiveness reviews
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30days
To report changes to your registration
A new address, a new owner or a new service: registered MSBs have to tell FINTRAC within 30 days of the change.
Covered in MSB registration
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5years
To keep your records
Client identification, transaction records and the reports you file generally have to be kept for at least five years.
Covered in compliance programs
Summarized from FINTRAC's published guidance for money services businesses. Requirements vary by business type, so check the current rules for yours.
Four checkpoints, from first client to final report.
Every payment passes them. Your program has to say how each one works. We help you write it down and make it work in practice.
Know who you're dealing with.
Verify each client's identity, record who owns and controls the businesses you serve, and find out whether a client is a politically exposed person.
Where we help: policies and procedures, training
Check names before money moves.
Screen clients and the people they pay against Canadian sanctions and listed terrorist entities, and know what to do with a match.
Where we help: compliance programs
Watch for patterns, not single payments.
Monitor business relationships over time and look harder where the risk is higher. A string of deposits just under a threshold says more than any one of them.
Where we help: risk assessment, effectiveness reviews
Report to FINTRAC on time.
Suspicious transactions, large cash and virtual currency transactions, international transfers of $10,000 or more and terrorist property each have their own report and deadline.
Where we help: compliance programs, training
Start with one service. Add the rest when you need them.
Nine services, most at a fixed fee. All services · Pricing · Guides
Outsourced compliance officer
A Canadian AML compliance officer (MLRO) for onboarding reviews, FINTRAC reporting, policies and risk assessments. US$1,500 per 10 hours.
More on the compliance officerMSB registration
FINTRAC registration for money services businesses, foreign MSBs and virtual currency dealers. Fixed fee US$3,500.
More on MSB registrationCompliance programs
14 PCMLTFA compliance program documents, written for how your business actually runs. Fixed fee US$3,500.
More on compliance programsBank of Canada RPAA
Payment service provider registration and RPAA frameworks. US$3,500 each, plus the Bank's application fee.
More on RPAA registrationMSB for sale
A Canadian company already registered with FINTRAC as a money services business. From €28,000.
More on buying an MSBTell us where you are. We'll come back to you to find a time.
- ConsultationHow FINTRAC's requirements apply to your business, what your program needs and what you already have.
- Written scopeThe work, who does which part, and a timeline agreed before anything starts.
- DeliveryWe do the work with you and explain decisions along the way.
- Ongoing supportHelp as your business, your products or your obligations change.
Questions
What businesses usually ask us first.
Who has to register with FINTRAC as a money services business?
Any business with a place of business in Canada that deals in foreign exchange, remits or transmits funds, issues or redeems money orders or traveller's cheques, deals in virtual currency, provides crowdfunding platform services, provides armoured car services, cashes cheques or provides acquirer services for private automated banking machines. Foreign businesses that direct and provide these services to people in Canada must register too. More on MSB registration.
Does registration have to be renewed?
Yes. MSB registration is renewed every two years, and changes to your registration information have to be reported within 30 days.
Do foreign MSBs need to register with FINTRAC?
Yes. A business with no place of business in Canada that directs and provides money services to people in Canada must register before it starts, and must name a representative for service who lives in Canada. We support foreign businesses with registration, a Canadian business address and an outsourced compliance officer.
Do payment service providers register with the Bank of Canada?
Yes. Payment service providers that perform retail payment activities for end users in Canada must register with the Bank of Canada under the Retail Payment Activities Act (RPAA). More on RPAA registration.
What does a compliance program include?
Five parts: a compliance officer, written policies and procedures, a risk assessment, an ongoing training program and an effectiveness review at least every two years. Our fixed fee of US$3,500 covers 14 program documents.
Do we need our own compliance officer?
Your business has to appoint one. We can act as your outsourced compliance officer at US$1,500 per 10 hours, or support the person you appoint.
Our bank has asked for our AML program. What now?
Book a consultation. We'll look at what you have, tell you what's missing and agree a written scope to close the gaps.
What is an effectiveness review?
A review of your compliance program, at least every two years, that tests whether your policies, risk assessment and training work in practice, not just on paper.
FINTRAC has contacted us about an examination. Where do we start?
Start with a consultation. We review your program and records with you and help you prepare to show how it works.
How does an engagement start?
With a consultation about your business and what FINTRAC expects of it. Then we send a written scope covering the work, who does which part and a timeline, agreed before anything starts.
What do your services cost?
Most have a fixed fee: Canadian incorporation US$1,500, MSB registration US$3,500, compliance program documents US$3,500, RPAA registration US$3,500 plus the Bank of Canada's fee, and an outsourced compliance officer at US$1,500 per 10 hours. See all fees.
Can we start with one service?
Yes. Most businesses start with the gap that's most urgent and add the rest when they need it.
Is this site legal advice?
No. The information here is general. Your obligations depend on your business, so we confirm them with you.