MSB License for Business in Canada
The MSB (Money Services Business) license in Canada allows companies to carry out various financial operations, including currency exchange services, money transfers, ATM servicing, and virtual currency transactions. This license is mandatory for businesses offering such services in Canada and enables companies to operate within Canadian legislation, ensuring compliance with Anti-Money Laundering (AML) standards.
To obtain the MSB license in Canada, a company must go through the registration process with the country’s financial regulatory authorities and comply with AML requirements, client data protection, and financial security. The license allows for transactions across multiple financial segments simultaneously, making it essential for companies seeking to expand their range of services.
The process of obtaining the license takes approximately 4–5 weeks and includes company registration, opening bank and crypto accounts, and developing an AML policy.
Currency exchange services;
Provision of money transfer services;
Issuing or redeeming traveler’s checks, money orders, or bank charges;
Check cashing;
ATM operation, including leasing commercial spaces for ATM placement, if the lessor is responsible for supplying cash to the bank;
Virtual currency transactions.
Approximately 4–5 weeks until the company is handed over to the client.
Assistance with opening bank and crypto accounts;
Assistance with liquidity setup;
Vancouver-domiciled company with a registered address;
Three-in-one license: money transfers, virtual currency exchange, and money transfers;
Full set of incorporation documents;
AML policy construction.
Assistance with risk screening provider arrangements;
Assistance with the search for a dedicated AML officer (salary for AML officer is approximately 2000 EUR per month).
Software;
Website development (available for an additional fee).
We will be happy to answer any additional questions
Telegram (https://t.me/invest_makler)