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Registration with FINTRAC (Money Service Businesses)

Registration with FINTRAC (Money Service Businesses)

 

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit. Its mandate is to facilitate the detection, prevention and deterrence of money laundering and the financing of terrorist activities while ensuring the protection of personal information under its control.

  • Steps Involved in the process of Registration:
    • Step 1: Completion of  Pre-Registration Form Online  
    • Step 2: Sign into MSB Registration System 
    • Step 3: Complete and Submit MSB Registration Form
    • Step 4: Approval or Disapproval Notice 

 

Pre-Registration Form :

    • The Registration Form must be duly filed with necessary details such as;
      • Business structure 
      • Name and Address
      • Additional Information regarding Business Activities.
    • Also, provide Contact details and indicate a preferred callback time along with the language of correspondence ( English or French) 
    • You will be contacted by a FINTRAC Officer within 5 Business days.

 

  • Signing into MSB Registration System :
    • The FINTRAC Officer will assign you with a User ID and Password for submitting the documents.
    • Sign in and proceed to the next step.

 

  • Completion of MSB Registration :
    • The Registration Form must be duly filed which would require the following:
      • Bank account information;
      • Information about your compliance officer;
      • Number of employees;
      • Incorporation information (if your business type is a corporation);
      • Information  about your MSB’s owners and senior management, such as their name and date of birth;
      • An estimate of the expected total dollar amount of transactions per year for each MSB service you provide;
      • Detailed information about every branch; and
      • Detailed information about every Canadian MSB agent.
    • Submit the completed application which would be validated.
    • MSB Overview

 

  • Approval or Disapproval Notice :
    • After submission, FINTRAC will process the same and respond within 15 business days.
    • The response may be any of the following:
      • your registration approval notice and your registration number
      • a clarification request 
      • reasons why we have denied your registration
    • A clarification requested must be responded at the earliest convenience.
    • Fintrac Disapproves registration on the following grounds:
      • A listed person under the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism. A listed person is an individual or entity that is believed to:
        • Have carried out, attempted to carry out, participated in or facilitated a terrorist activity.
        • Be controlled directly or indirectly by, be acting on behalf of, at the direction of, or in association with any individual or entity conducting any of the above activities.
      • A listed entity under subsection 83.01(1) of the Criminal Code of Canada. A listed entity is a person, group, trust, partnership or fund or an unincorporated association or organization listed that is believed to:
        • Have knowingly carried out, attempted to carry out, participated in or facilitated a terrorist activity.
        • Have knowingly acted on behalf, at the direction of, or in association with such an entity.
      • An individual or entity convicted of any of the following:
        • A money laundering or a terrorist activity financing offence.
        • An offence convicted on indictment under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
        • An offence under sections 83.18 to 83.231 of the Criminal Code of Canada related to the participation in, or the facilitation of, activities of a terrorist group, the commission of an offence for such a group, the instructing, directing or facilitating of that offence.
        • An offence under sections 354 or 467.11 to 467.13 of the Criminal Code of Canada related to the possession of property obtained from crime, the participation in activities of a criminal organization, or the commission of, or instruction to commit, an offence for such an organization.
        • A conspiracy, an attempt to commit, being an accessory after the fact in relation to, or any counselling in relation to any of the offences above.
      • An individual or entity convicted of an offence on indictment or convicted more than once for fraudulent transactions relating to contracts and trade under the Criminal Code of Canada or any offences under the Controlled Drugs and Substances Act (other than for possession of a substance).

 

  • Conclusion :
    • Registration is valid for a two-year period and must be renewed before expiry.  
    • There are no fees associated with the registration or the renewal of registration.
    • FINTRAC may deny or revoke registration if it determines that a reporting entity is not eligible for registration on the above-mentioned grounds;
    • Once your MSB registration form is approved, some of the information provided will be made available to the public and displayed on FINTRAC ‘s MSB registry search.

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Law Graduate from Bangalore, India. Currently involved in research of global crypto regulations and compliance.

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