MSB license: key requirements and application process

A Money Services Business (MSB) license is a mandatory requirement for companies providing money transfers, currency exchange and other financial services. It ensures compliance with anti-money laundering (AML) and terrorist financing (FT) laws.

The basic requirements for an MSB license are:

• Capital: Minimum amount of capital for the financial stability of the company.
• Business Plan: Detailed description of operations, financial projections and risk management strategies.
• AML/CTF: Implementation of a robust system to prevent money laundering and terrorist financing, including customer screening, transaction monitoring and suspicious activity reporting.
• Accounting: Maintain accurate and up-to-date records of all transactions.
• Responsible Person: Designate a person responsible for AML/CTF compliance.
• Reporting: Periodic reporting to the regulator.

Licensing Process:

Preparation: Researching requirements and gathering necessary documents.
Application: Submitting the completed application form and documents to the regulatory authority.
Review: Verification of the application and possible on-site inspection.
Decision: Issuance or denial of the license.

Main challenges:

• Regulatory compliance: Keeping up to date with changes in legislation.
• Risk Management: Developing effective strategies to mitigate risks.
• Technology: Adapting to new technologies to improve processes.

Canada is one of the most popular jurisdictions for obtaining an MSB license. It offers a stable economy, loyal taxation and developed financial infrastructure. International Fintech Business provides a full range of services for obtaining a Canadian MSB license, including document preparation, interaction with the regulator and post-license support.

Advantages of obtaining MSB license in Canada with the help of international Fintech Business:

• Experienced team: Our specialists have in-depth knowledge of Canadian legislation and will help you avoid common mistakes.
• Individual approach: We will develop an optimal strategy for obtaining a license, taking into account your specific needs.
• Complete solution: We will take care of all organizational issues, from preparing documents to opening a bank account.
• Fast deadlines: We strive to minimize the time to obtain a license.