Money Services Business (MSB) License

Discover how a company with an MSB license can supercharge its operations, offering specialized financial services and innovatively simplifying transactions.
Licence MSB


The Canadian banking system is considered one of the most reliable in the world, especially for MSB Licenses. As the ninth-largest economy globally, Canada is the only country that meets all key criteria, such as technology, corruption levels, stock market conditions, bureaucracy, and investor protection.

Payment systems in Canada, along with banks, play a significant role in the financial sector. The Canadian government has established favorable requirements for businesses wishing to provide financial services. This not only attracts local citizens but also foreign investors, contributing to the development of the financial sector.

A Money Service Business (MSB) is a legal term used to describe any business that provides financial services outside of traditional banking institutions. These services can include currency exchange, money transfers, check cashing, and other forms of financial transactions. MSBs are subject to specific regulations and compliance requirements, particularly concerning Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. These measures aim to prevent illicit activities such as money laundering and terrorist financing. Examples of MSBs include money transfer companies, currency exchange offices, and prepaid access providers.

Authorized Activities Under an MSB License

Cryptocurrency Operations

Offer cryptocurrency exchange services, including crypto to fiat, crypto to crypto, and fiat to crypto exchanges.

Foreign Currency Exchange

Conduct currency conversions from one currency to another (e.g., USD to EUR). This market is the largest in the global financial sector, providing critical services for international trade, travel, and investment.

Payment management

Develop customized electronic wallets for your clients, which allow them to store, deposit, and transfer funds securely.


Enable individuals, businesses, or organizations to raise funds for their projects.

Payment Gateway

Establish your payment service provider to legally organize electronic fund transfers conducted as payment for the provision of goods.

Establish a digital bank within days.

Obtain your MSB License in Canada starting at £35,000.

Mundo Offshore's Process for Acquiring an MSB License

In Canada, for those aspiring to operate as a Money Service Business (MSB), the initial step involves registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to secure a license. FINTRAC serves as Canada’s financial intelligence unit, tasked with combating money laundering and terrorist financing.

Nature of Operations and Key Stakeholder Reputation
This phase entails a comprehensive analysis to ascertain the necessity of obtaining a license. Additionally, meticulous attention is devoted to evaluating the founders' reputations, encompassing scrutiny of their legal history, residency, nationality, and other pertinent factors.
Company Registration
Upon completion of the preliminary analysis and resolution of any potential impediments (capital requirements, physical presence, staffing, etc.) for securing the license in Canada, the process proceeds with the incorporation of the company or companies within the Canadian jurisdiction.
Documentation Preparation and Submission for License Application
Typically, obtaining an MSB license mandates the submission of an array of documents in compliance with legal prerequisites. This dossier may include:
- A detailed business plan
- A precise description of the services offered
- Information about the project's management team
- Complete financial statements
Human and Technological Resources
This part is crucial from a legal standpoint. Regulators often require the presence of a resident compliance officer (AML). It is essential to comply with these requirements to obtain and maintain an MSB license.
For the technological side, it is recommended to choose solutions that meet security and compliance standards, considering the regulations in force in the financial services sector.


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