Welcome to approved msb newsletter
Whether you're new to the MSB space or already operating, we're here to keep you informed with relevant updates, insights, and guidance tailored to your journey.
We're excited to have you here, and we're always just an email away if you have questions or feedback.
- The Approved MSB Team
We're excited to have you here, and we're always just an email away if you have questions or feedback.
- The Approved MSB Team
Preparing for the Bank of Canada’s Compliance Deadline: What MSBs Need to Know About the Operational Risk and Incident Response Framework
As part of the regulatory changes introduced under the Retail Payment Activities Act (RPAA), all Payment Service Providers (PSPs) subject to RPAA are required to implement a formal operational risk and incident response framework by September 8, 2025. This framework is not just another compliance checklist, it's a fundamental shift in how operational risks must be assessed, managed, and responded to.
FINTRAC Compliance: Understanding Ministerial Directives and its Applicable Countries
Ministerial Directives issued by the Minister of Finance are a critical part of Canada’s anti-money laundering and anti-terrorist financing regime, and they are mandatory for all Money Services Businesses (MSBs). These directives are issued under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and are enforced by FINTRAC to help mitigate risks related to international financial crime. While they may not change frequently, they carry significant compliance weight.
New FINTRAC Compliance Rule: Reporting Listed Person or Entity Property
Starting in 2025, a new FINTRAC compliance rule will require all reporting entities, including Money Services Businesses (MSBs), to report when they hold or control property belonging to a listed person or entity. This reporting requirement strengthens Canada’s ability to enforce sanctions and counter the financing of terrorism, corruption, and other threats to the integrity of the financial system.
Important Reminder: Annual Corporate Tax Return Filing Deadline – March 31st
As we enter the thick of tax season, we want to remind Canadian corporations with a December 31st year-end that March 31st is the deadline to pay any taxes owed. In accordance with the Canadian laws, CRA requires filing of the corporate tax return and payment of all tax amounts owed within three months of your fiscal year-end to avoid interest charges and penalties. If a corporation does not owe taxes, it can extend the filing deadline until June 30.
Industry Insight: How U.S. Tariff Policies Could Impact Canadian MSBs
With Donald Trump returning to office in 2025, Canadian businesses, particularly Money Services Businesses (MSBs), should be aware of the potential ripple effects of renewed or expanded U.S. tariffs.
One of the key proposals under discussion is a 10% across-the-board tariff on all imports, which could reignite trade tensions and directly impact cross-border commerce between Canada and the U.S.
One of the key proposals under discussion is a 10% across-the-board tariff on all imports, which could reignite trade tensions and directly impact cross-border commerce between Canada and the U.S.
Regulatory Change Ahead: Ensure your compliance with the Bank of Canada regulations Before September 7, 2025
Canadian regulatory frameworks for Money Services Businesses (MSBs) operating online are entering a period of significant transition. Starting November 1, 2024, all MSB’s that offer online money services (international transfers, remittances, exchange platforms, online accounts, e-wallets and more) must register with the Bank of Canada. Although we are currently in the second phase of the transition period, a thorough compliance with the regulations (RPAA and RPAR) is mandatory as of September 7, 2025.
