FINTRAC MSB Company for Sale in Canada
A Canadian money services business must register with FINTRAC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) before operating. Buying an already registered MSB gives you the registration, compliance history and, often, banking.
What the registration permits
FINTRAC registration covers MSB activities including foreign exchange dealing, money transfer and dealing in virtual currency. Registration is renewed every two years. MSBs operating in Quebec also need a licence from Revenu Québec. Businesses that perform retail payment functions may additionally fall under the Bank of Canada's retail payments supervision regime.
Change of ownership
FINTRAC registration stays with the registered entity, so a share purchase keeps it in place. The MSB must update its registration information with FINTRAC when details such as ownership, directors or senior officers change. Certain criminal convictions make a person ineligible to own or control an MSB, so incoming owners and directors should be checked before signing. Quebec-licensed MSBs face separate checks by Revenu Québec.
Typical timeline
Because FINTRAC registration is not a prior-approval regime for share transfers, a Canadian MSB acquisition can usually be completed faster than a licensed-entity deal in the EU. The real timeline is driven by banking: payment partners and banks often run their own onboarding on the new owners. Buyers should also check the date of the next two-yearly renewal, so that it does not fall in the middle of the transaction.
Ongoing obligations after completion
A registered MSB must keep its compliance programme current, appoint a compliance officer, keep the required records and file its reports with FINTRAC on time. Foreign MSBs serving people in Canada are also required to register. The new owners take on the company's compliance history, which is why the examination record matters as much as the registration itself.
What to check in due diligence
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Canada FINTRAC MSB Registration for Sale — Empty Shell, Immediate Acquisition
- Jurisdiction
- Canada
- License Type
- Money Services Business (FINTRAC)
- Type
- Money Services Business — Clean Shell, No Legacy Compliance Exposure
Compliance verified
Frequently asked questions
Can a FINTRAC MSB registration be bought?
Registration is held by the company, so buying the shares of a registered MSB keeps the registration in place. The MSB must then update its registration details with FINTRAC.
How often is FINTRAC MSB registration renewed?
Every two years.
What activities does a Canadian MSB registration cover?
Registered activities can include foreign exchange dealing, money transfer and dealing in virtual currency, among others.
Do I need a separate licence in Quebec?
Yes. MSBs operating in Quebec also need a licence from Revenu Québec.
Who can be barred from owning a Canadian MSB?
People with certain criminal convictions are ineligible to own or control an MSB, so incoming owners and directors should be checked before signing.