Desfran provides a turnkey solution for financial licensing. To facilitate your process of applying for a Canada Money Services Business (MSB) license, we will:
- Promote your application to the Canadian regulators
- Assist with answering questions regarding the application process and requirements
- Draft and review application documents and questionnaires
- Follow up with the application and ensure the submission of additional information required by the related department of Canada
Conducting transactions where you exchange one type of currency for another
Transferring funds from one person or entity to another using an electronic funds transfer network or any other method
Issues or redeems money orders, travellers’ cheques or other similar negotiable instruments. This does not include cashing cheques made out to a particular person or entity.
This includes both virtual currency exchange and virtual currency transfer services.
A registered firm shall at all times maintain insurance policies in an amount appropriate to the complexity, size and nature of the securities business of the firm to cover at least professional indemnity.
Registration will not be granted should the Commission thinks that the coverage amount is insufficient.
However, this requirement does not apply to firms engaging exclusively in advising on securities.
Desfran shall seek to understand your business activities and goals to assist with your business plan drafting that best encompasses this whilst still being compliant with the prevailing regulations. Desfran shall also advise on the possible questions that might be posed by the regulator.
Filing and Reporting Requirements
Due Diligence is necessary to formally verify the identity of all clients of the firm. The following documents are required to conduct due diligence for the license application:
Please note for a company listed on a major stock exchange or subject to regulatory supervision in a country with equivalent AML regulations to Canada, evidence of such listing or regulation will suffice in place of the above information. Where the directors to be appointed are employees of such a listed or regulated company, a certified passport copy and confirmation of employment (to include position) will suffice.
Bank Account Opening
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada’s financial intelligence unit (FIU). The Centre assists in the detection, prevention and deterrence of money laundering and the financing of terrorist activities. FINTRAC’s financial intelligence and compliance functions are a unique contribution to the safety of Canadians and the protection of the integrity of Canada’s financial system.
FINTRAC acts at arm’s length and is independent from the police services, law enforcement agencies and other entities to which it is authorized to disclose financial intelligence. It reports to the Minister of Finance, who is in turn accountable to Parliament for the activities of the Centre.
Desfran assists with the complete licensing application. Contact us to find out more about the Canada company registration and forex license application. Our team of experts will get back to within the next business day.