Canada MSB Registration – What You Need to Know
If you plan to conduct money services business activities in Canada, you need to get yourCanada msb registration (Financial Transactions and Reports Analysis Centre of Canada). This is an independent government agency that has been tasked with monitoring financial transactions, preventing money laundering and terrorist financing since 2000.
Canada MSB Registration
FINTRAC also sets the rules and standards that money service businesses must follow to be able to operate legally. Some of the requirements that you need to meet are reporting, record maintenance and having a compliance program. In addition, you need to make sure that you know your customers and that you have an internal control system to monitor and track your activity.
The process of obtaining a canada msb registration is quick and simple. It usually takes a month or less. You will need to submit pre-registration information online, which includes your legal name and address, the list of services that you will be providing, your bank account details, and compliance reporting. You will also need to appoint a compliance officer who will be responsible for ensuring that your business is compliant with the PCMLTFA and its regulations.
You will need to keep records of suspicious transactions, large cash transactions, foreign currency exchange, and ongoing service agreements. These must be made available to FINTRAC within 30 days of a request. Moreover, you will need to train your employees on the proper procedures for monitoring, recording, and reporting. If you do not comply with the PCMLTFA and its regulations, you could face monetary penalties. These can range from $1 to $100,000 CAD for individuals and up to $500,000 CAD for corporations.
