To operate as an MSB in Ontario, an applicant is obliged to complete a registering procedure. It consists of the below-listed steps:
- To be registered as an MSB, the applicant can reach out Canada’s financial intelligence unit, FINTRAC, which mandate is to facilitate the operation of the Canadian financial sector.
- The applicant must not have been accused of offenses; it is obligatory to have a certificate of good conduct.
- The businessperson should complete and send a pre-registration form, placing sound information.
- After the application form has been sent to the regulatory agency, the applicant will be reached out by an officer in five working days.
- The applicant will get an MSB user ID and code to log in to their MSB account.
- The applicant should complete a registration form and enter all the sound details.
- There may be obligations to submit extra papers to make clear certain points.
- NO obligations to pay a fee.
- After the application is duly completed and sent, it will be resent to specific departments for processing.
- After the procession is finished, the business will obtain either approval or reasons why the application was denied.
- After the approval, some data of the company will be publicly accessed on the FINTRAC website.
- Generally, it takes several weeks to get registered.
