Procedure for applying for MSB Registration in Ontario

ELI Canada

To operate as an MSB in Ontario, an applicant is obliged to complete a registering procedure. It consists of the below-listed steps:

  1. 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.
  2. The applicant must not have been accused of offenses; it is obligatory to have a certificate of good conduct.
  3. The businessperson should complete and send a pre-registration form, placing sound information.
  4. After the application form has been sent to the regulatory agency, the applicant will be reached out by an officer in five working days.
  5. The applicant will get an MSB user ID and code to log in to their MSB account.
  6. The applicant should complete a registration form and enter all the sound details.
  7. There may be obligations to submit extra papers to make clear certain points.
  8. NO obligations to pay a fee.
  9. After the application is duly completed and sent, it will be resent to specific departments for processing.
  10. After the procession is finished, the business will obtain either approval or reasons why the application was denied.
  11. After the approval, some data of the company will be publicly accessed on the FINTRAC website.
  12. Generally, it takes several weeks to get registered.

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