Approved MSB Services
Proud Member of CBES Group
Real company with a real office and license in Canada
Proud Member of CBES Group
Real company with a real office and license in Canada
Your Local Partner for Global Business Needs
MSB — Money Services Business
About CBES & approved msb
CBES is Canada's leading provider of customized solutions for Money Services Businesses (MSB). Based in Toronto, our team includes a licensed Canadian lawyer, business compliance experts, AML consultants, and other specialists adept at working with Canadian regulators and governmental bodies. We maintain close relationships with FINTRAC and stay abreast of all regulatory developments to ensure our clients consistently meet the latest compliance standards.
With extensive experience in the industry, we recognize the varied compliance challenges faced by MSB service providers in Canada. In response, we have crafted unique, comprehensive, and business-focused solutions that assist our clients throughout their entire business cycle—from initial MSB registration with FINTRAC to implementing complete operational policies and procedures, offering Compliance Officer services, and much more. Our offerings are designed to meet regulatory requirements, enhance operational efficiency, and reduce risks.
Choosing CBES as your service provider means gaining access to our deep expertise and thorough knowledge of the regulatory landscape. You gain a reliable partner who helps you smoothly secure initial licensing and sustain excellent financial compliance as your business grows and evolves.
Located in Canada, our firm has a strong local presence that enables us to serve a global clientele from regions like Europe, Africa, Latin America, and Asia. Our physical office in Canada underscores our commitment to both local and international markets.
With extensive experience in the industry, we recognize the varied compliance challenges faced by MSB service providers in Canada. In response, we have crafted unique, comprehensive, and business-focused solutions that assist our clients throughout their entire business cycle—from initial MSB registration with FINTRAC to implementing complete operational policies and procedures, offering Compliance Officer services, and much more. Our offerings are designed to meet regulatory requirements, enhance operational efficiency, and reduce risks.
Choosing CBES as your service provider means gaining access to our deep expertise and thorough knowledge of the regulatory landscape. You gain a reliable partner who helps you smoothly secure initial licensing and sustain excellent financial compliance as your business grows and evolves.
Located in Canada, our firm has a strong local presence that enables us to serve a global clientele from regions like Europe, Africa, Latin America, and Asia. Our physical office in Canada underscores our commitment to both local and international markets.
results of our work
We assist numerous companies in obtaining Canadian MSB licenses. Below, you can view some supporting evidence.
WHY Canada?
Choosing to apply for a Canadian Money Services Business (MSB) license offers a direct and expedient method to initiate your payment operations.
Unlike the laborious and expensive process of acquiring an EMI license in the EU, a Canadian MSB license takes 3-4 months from the beginning of the process until the moment your business obtains the license.
Here are the advantages of getting an MSB license for your corporation:
- Legal Operation AssuranceOperating a financial service in Canada requires an MSB license to ensure that the business adheres to the law. Securing this license affirms compliance with stringent regulatory standards and legal frameworks.
- No Initial Capital RequirementUnlike other regions where a significant capital deposit is mandatory, Canada's MSB licensing process is more accessible as it requires no upfront capital.
- Broad Service SpectrumHolders of the Canadian MSB license are authorized to deal with any money services operations, including traditional currencies and VC. The MSB license covers all the services that are included in the FINTRAC list.
- Streamlined Licensing ProcedureThe licensing process in Canada is notably faster than in many European countries, ranging from two to five months depending on the completeness of the submitted documents.
- Operational VersatilityAn MSB license in Canada permits the provision of various financial services such as foreign exchange, funds remittance, issuing of money orders, cryptocurrency trading, and even crowdfunding. This versatility allows businesses to diversify their offerings and attract a broad range of investors.
- Trusted Financial EnvironmentCanada's financial sector is known for its safety and stability, attributes that are supported by strong banking institutions and a commitment to innovation. This reputation establishes a trustworthy backdrop for businesses.
What is MSB licence?
Every business providing one of the services listed below must obtain and keep in good standing its MSB license with FINTRAC:
Currency exchange
Conducting transactions where you exchange one type of currency for another (for example, exchanging USD for CAD).
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Crowdfunding platform services
You provide and maintain a crowdfunding platform for use by other persons or entities to raise funds or virtual currency.
Issuance/ Redemption of TCs, MOs, or similar negotiable instruments
Your business issues/redeems MOs, TCs, or similar negotiable instruments. Excludes cashing cheques made out to a specific person/entity.
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Transferring or receiving funds at the request of a client
Transferring or sending money from one person or entity to another via an electronic funds transfer network or any other method, including traditional systems like Hawala, Hundi, Fei ch'ien, and Chitti.
This encompasses the transfer of funds (as directed by your clients) using a credit or debit card, provided that the recipient has an arrangement with the payment service provider that allows such payments for goods and services.
This encompasses the transfer of funds (as directed by your clients) using a credit or debit card, provided that the recipient has an arrangement with the payment service provider that allows such payments for goods and services.
Does your business
need an MSB license?
Check to see if you need to register with FINTRAC as a money services business
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How to get your MSB Registration in Canada?
MSB license application is a multi-faceted process, which requires understanding of various FINTRAC regulations, knowledge of the licensing process and experience in financial compliance. Using our expertise in the industry, we at CBES have created a comprehensive proposal that will take your business through all the stages of the licensing process and will generate proper compliance paperwork to make sure you continue to operate in compliance with FINTRAC regulations.
1
Step one
Contact CBES for a free initial consultation. The primary purpose of this consultation will be to discuss whether your business requires a Canada MSB (Money Services Business) Registration and review the next steps and costs.
2
Step two
Once retained, CBES will review your current business/corporate structure, if any, and assist you with any incorporation or corporate reorganization that your business may need and will advise you on other relevant legal matters that may be important for your business and the MSB Registration.
3
Step three
CBES will assist with the entire application process with FINTRAC, including the collection and submission of information required by FINTRAC; and the drafting of a comprehensive compliance program and record-keeping documentation to help you meet the PCMLTFA requirements and any other relevant FINTRAC requirements.
Note: unlike most consultants providing MSB Registration services, CBES is a business law firm with extensive experience assisting entrepreneurs, start-ups, and businesses. CBES can help navigate other legal matters that may arise in connection with your application process, or with your business, without you necessarily having to seek legal advice elsewhere.
How to get your MSB Registration in Canada?
Step one
Contact CBES for a free initial consultation. The primary purpose of this consultation will be to discuss whether your business requires a Canada MSB (Money Services Business) Registration and review the next steps and costs.
Step two
Once retained, CBES will review your current business/corporate structure, if any, and assist you with any incorporation or corporate reorganization that your business may need and will advise you on other relevant legal matters that may be important for your business and the MSB Registration.
Step three
CBES will assist with the entire application process with FINTRAC, including the collection and submission of information required by FINTRAC; and the drafting of a comprehensive compliance program and record-keeping documentation to help you meet the PCMLTFA requirements and any other relevant FINTRAC requirements.
MSB license application is a multi-faceted process, which requires understanding of various FINTRAC regulations, knowledge of the licensing process and experience in financial compliance. Using our expertise in the industry, we at CBES have created a comprehensive proposal that will take your business through all the stages of the licensing process and will generate proper compliance paperwork to make sure you continue to operate in compliance with FINTRAC regulations.
Note: unlike most consultants providing MSB Registration services, CBES is a business law firm with extensive experience assisting entrepreneurs, start-ups, and businesses. CBES can help navigate other legal matters that may arise in connection with your application process, or with your business, without you necessarily having to seek legal advice elsewhere.
While the initial registration of MSB license with FINTRAC is an important step in stablishing your MSB operations, it is equally important to keep your business compliant with the relevant laws and regulations and ensure its good standing with the FINTRAC
Evgene Jakubov
Senior Consultant, Barrister and Solicitor (ONT)
Our senior consultant, Eugene Jakubov, brings over 20 years of experience as a licensed attorney and more than a decade of working with MSBs and other expanding enterprises, providing licensing, compliance, and legal support services.
He has acted as a legal advisor for medium-sized financial services firms, including credit card issuers, POS distributors, acquirers, and providers of financing solutions for small and medium-sized enterprises.
As a successful entrepreneur himself, Eugene recognizes the importance of strict compliance in the MSB sector. He has crafted all our legal and governance documents to ensure they can be seamlessly and effectively integrated and utilized by your business.
He has acted as a legal advisor for medium-sized financial services firms, including credit card issuers, POS distributors, acquirers, and providers of financing solutions for small and medium-sized enterprises.
As a successful entrepreneur himself, Eugene recognizes the importance of strict compliance in the MSB sector. He has crafted all our legal and governance documents to ensure they can be seamlessly and effectively integrated and utilized by your business.
Certification
& Expertise
Our Clients
About Us
CBES surpassed our expectations in helping us secure our MSB license in Canada. Their deep knowledge and comprehensive understanding of the regulatory demands made the entire process smooth. They offered crucial advice and support, ensuring we adhered to the required legal standards. We strongly recommend CBES to anyone looking for professional and dependable MSB licensing services.
I am immensely grateful to CBES for their outstanding services in assisting us through the intricate process of MSB licensing in Canada. Their team demonstrated profound expertise, meticulous attention to detail, and professionalism throughout the entire process. With their guidance, we successfully obtained our license both efficiently and smoothly. CBES is unquestionably the top choice for MSB licensing solutions.
Selecting CBES for our MSB licensing requirements was the best decision we made. Their team showed a remarkable level of knowledge and dedication in helping us through each phase of the licensing process. From the initial consultations to preparing and submitting documents, CBES offered full support. They truly exceeded our expectations to guarantee our success. We strongly recommend CBES to anyone in search of excellent MSB licensing services in Canada.
CBES's dedication and professionalism in helping us obtain our MSB license in Canada were exceptional. They took the time to understand our specific needs and offered customized solutions. The CBES team guided us through the complex regulatory environment, providing clear explanations and expert advice. We are thrilled with their services and thankful for their expertise.
Our experience with CBES for our MSB licensing needs was truly excellent. Their expert team delivered comprehensive support, addressing all our questions and ensuring a seamless licensing process. CBES's attention to detail and quick communication instilled confidence in us throughout. We highly recommend their services to anyone looking for dependable MSB licensing help in Canada.
| | Take the Next Step Looking for a pro and experienced MSB licensing & compliance provider? Reach out to CBES! Contact us now to schedule a consultation & explore MSB licensing options. Our dedicated team will guide you through the process, addressing all queries & concerns. Together, we'll ensure your Canadian MSB is licensed & compliant with FINTRAC laws. |