Approved MSB Services
Proud Member of CBES Group
Real company with a real office and license in Canada
Proud Member of CBES Group
Real company with a real office and license in Canada
Your Local Partner for Global Business Needs
MSB — Money Services Business
About CBES & approved msb
CBES is Canada's premier provider of tailored solutions for Money Services Businesses (MSB). Located in Toronto, Canada, our team comprises a licensed Canadian lawyer, business compliance specialists, AML consultants and other professionals with the knowledge and expertise to work with the local Canadian regulators and government authorities. We work closely with FINTRAC and monitor all the regulatory changes and updates to ensure our clients' ongoing compliance with the current requirements.
With years of industry experience, we understand the diverse compliance challenges companies offering MSB services face in Canada. That is why we have developed unique, comprehensive and business-oriented solutions that support our clients' operations throughout their lifecycle from the initial MSB registration with FINTRAC (Canadian Regulator) to a complete set of operating policies and procedures, Compliance Officer services and much more. All our products and services are built to fulfill our clients' regulatory obligations, streamline their operations, and minimize risk.
You benefit from our extensive expertise and profound understanding of the regulatory framework when working with CBES as your service provider. You also acquire a trusted partner to navigate the intricate journey of securing initial licensing and maintaining impeccable financial compliance as your business grows and expands.
Situated in Canada, our company boasts a substantial local presence that allows us to cater to an international array of clients from regions such as Europe, Africa, Latin America, and Asia. Our physical office space in Canada is a clear indicator of our dedication to both local and global markets.
With years of industry experience, we understand the diverse compliance challenges companies offering MSB services face in Canada. That is why we have developed unique, comprehensive and business-oriented solutions that support our clients' operations throughout their lifecycle from the initial MSB registration with FINTRAC (Canadian Regulator) to a complete set of operating policies and procedures, Compliance Officer services and much more. All our products and services are built to fulfill our clients' regulatory obligations, streamline their operations, and minimize risk.
You benefit from our extensive expertise and profound understanding of the regulatory framework when working with CBES as your service provider. You also acquire a trusted partner to navigate the intricate journey of securing initial licensing and maintaining impeccable financial compliance as your business grows and expands.
Situated in Canada, our company boasts a substantial local presence that allows us to cater to an international array of clients from regions such as Europe, Africa, Latin America, and Asia. Our physical office space in Canada is a clear indicator of our dedication to both local and global markets.
ATTENTION
We have noticed an increase in fraudulent activities where scammers promise expedited and inexpensive assistance in obtaining a Money Services Business (MSB) license in Canada.
To protect yourself, please be vigilant, ensure you have all necessary documentation, and thoroughly read any agreements before signing.
To protect yourself, please be vigilant, ensure you have all necessary documentation, and thoroughly read any agreements before signing.
For added security, please verify the following:
1. The company employs a lawyer licensed to practice in Canada.
2. The company has a physical office in Toronto.
These measures help confirm that the company operates with integrity.
1. The company employs a lawyer licensed to practice in Canada.
2. The company has a physical office in Toronto.
These measures help confirm that the company operates with integrity.
Our company holds all the necessary certificates and licenses and is a member of the Law Society of Ontario. You can verify our membership here:
Law Society of Ontario Member Directory
Additionally, below you will find photos of our office, which you are welcome to visit in person.
Law Society of Ontario Member Directory
Additionally, below you will find photos of our office, which you are welcome to visit in person.
results of our work
We assist numerous companies in obtaining Canadian MSB licenses. Below, you can view some supporting evidence.
WHY Canada?
Choosing to apply for a Canadian Money Services Business (MSB) license offers a direct and expedient method to initiate your payment operations.
Unlike the laborious and expensive process of acquiring an EMI license in the EU, a Canadian MSB license takes 3-4 months from the beginning of the process until the moment your business obtains the license.
Here are the advantages of getting an MSB license for your corporation:
- Legal Operation AssuranceOperating a financial service in Canada requires an MSB license to ensure that the business adheres to the law. Securing this license affirms compliance with stringent regulatory standards and legal frameworks.
- No Initial Capital RequirementUnlike other regions where a significant capital deposit is mandatory, Canada's MSB licensing process is more accessible as it requires no upfront capital.
- Broad Service SpectrumHolders of the Canadian MSB license are authorized to deal with any money services operations, including traditional currencies and VC. The MSB license covers all the services that are included in the FINTRAC list.
- Streamlined Licensing ProcedureThe licensing process in Canada is notably faster than in many European countries, ranging from two to five months depending on the completeness of the submitted documents.
- Operational VersatilityAn MSB license in Canada permits the provision of various financial services such as foreign exchange, funds remittance, issuing of money orders, cryptocurrency trading, and even crowdfunding. This versatility allows businesses to diversify their offerings and attract a broad range of investors.
- Trusted Financial EnvironmentCanada's financial sector is known for its safety and stability, attributes that are supported by strong banking institutions and a commitment to innovation. This reputation establishes a trustworthy backdrop for businesses.
What is MSB licence?
Every business providing one of the services listed below must obtain and keep in good standing its MSB license with FINTRAC:
Dealing with cryptocurrency (virtual currency)
This includes virtual currency exchange & transfer services. Virtual currency exchange services:
a) Funds for virtual currency,
b) Virtual currency for funds,
c) Virtual currency for another virtual currency.
Virtual currency transfer services:
a) Transferring virtual currency at client's request, or
b) Receiving a virtual currency transfer for remittance to a beneficiary.
a) Funds for virtual currency,
b) Virtual currency for funds,
c) Virtual currency for another virtual currency.
Virtual currency transfer services:
a) Transferring virtual currency at client's request, or
b) Receiving a virtual currency transfer for remittance to a beneficiary.
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Gambling and Casino Services
Your business operates gambling or casino services, including managing and conducting gambling activities, such as electronic gambling machines. This encompasses both physical locations and online platforms.
Currency exchange
Conducting transactions where you exchange one type of currency for another (for example, exchanging USD for CAD).
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Crowdfunding platform services
You provide and maintain a crowdfunding platform for use by other persons or entities to raise funds or virtual currency.
Issuing or redeeming traveller's cheques, money orders or similar negotiable instrument
If your business engages in the issuance or redemption of money orders, travellers' checks, or comparable negotiable instruments, it falls within the scope of our services. It's important to note that this does not encompass cashing checks payable to specific individuals or entities.
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Transferring or receiving funds at the request of a client
Remitting or transmitting from one person or entity to another using an electronic funds transfer network or any other method, such as Hawala, Hundi, Fei ch'ien, and Chitti.
This includes remitting or transmitting funds (as instructed by your clients) carried out using a credit/debit card if the beneficiary has an agreement with the payment service provider that permits payment by that means for the provision of goods and services.
This includes remitting or transmitting funds (as instructed by your clients) carried out using a credit/debit card if the beneficiary has an agreement with the payment service provider that permits payment by that means for the provision of goods and services.
Does your business
need an MSB license?
Check to see if you need to register with FINTRAC as a money services business
Please enter your contact information for a free consultation and we will contact you soon.
How to get your MSB Registration in Canada?
MSB license application is a multi-faceted process, which requires understanding of various FINTRAC regulations, knowledge of the licensing process and experience in financial compliance. Using our expertise in the industry, we at CBES have created a comprehensive proposal that will take your business through all the stages of the licensing process and will generate proper compliance paperwork to make sure you continue to operate in compliance with FINTRAC regulations.
1
Step one
Contact CBES for a free initial consultation. The primary purpose of this consultation will be to discuss whether your business requires a Canada MSB (Money Services Business) Registration and review the next steps and costs.
2
Step two
Once retained, CBES will review your current business/corporate structure, if any, and assist you with any incorporation or corporate reorganization that your business may need and will advise you on other relevant legal matters that may be important for your business and the MSB Registration.
3
Step three
CBES will assist with the entire application process with FINTRAC, including the collection and submission of information required by FINTRAC; and the drafting of a comprehensive compliance program and record-keeping documentation to help you meet the PCMLTFA requirements and any other relevant FINTRAC requirements.
Note: unlike most consultants providing MSB Registration services, CBES is a business law firm with extensive experience assisting entrepreneurs, start-ups, and businesses. CBES can help navigate other legal matters that may arise in connection with your application process, or with your business, without you necessarily having to seek legal advice elsewhere.
How to get your MSB Registration in Canada?
Step one
Contact CBES for a free initial consultation. The primary purpose of this consultation will be to discuss whether your business requires a Canada MSB (Money Services Business) Registration and review the next steps and costs.
Step two
Once retained, CBES will review your current business/corporate structure, if any, and assist you with any incorporation or corporate reorganization that your business may need and will advise you on other relevant legal matters that may be important for your business and the MSB Registration.
Step three
CBES will assist with the entire application process with FINTRAC, including the collection and submission of information required by FINTRAC; and the drafting of a comprehensive compliance program and record-keeping documentation to help you meet the PCMLTFA requirements and any other relevant FINTRAC requirements.
MSB license application is a multi-faceted process, which requires understanding of various FINTRAC regulations, knowledge of the licensing process and experience in financial compliance. Using our expertise in the industry, we at CBES have created a comprehensive proposal that will take your business through all the stages of the licensing process and will generate proper compliance paperwork to make sure you continue to operate in compliance with FINTRAC regulations.
Note: unlike most consultants providing MSB Registration services, CBES is a business law firm with extensive experience assisting entrepreneurs, start-ups, and businesses. CBES can help navigate other legal matters that may arise in connection with your application process, or with your business, without you necessarily having to seek legal advice elsewhere.
While the initial registration of MSB license with FINTRAC is an important step in stablishing your MSB operations, it is equally important to keep your business compliant with the relevant laws and regulations and ensure its good standing with the FINTRAC
Evgene Jakubov
Senior Consultant, Barrister and Solicitor (ONT)
Our senior consultant, Evgene (Eugene) Jakubov, has over 20 years of experience as a licensed lawyer and more than 10 years working with MSBs and other growing businesses, providing licensing, compliance, and legal support services.
He has served as a legal consultant for medium-sized financial services organizations, including credit card issuers, POS distributors, acquirers, and those offering financing solutions for small and medium businesses.
As a successful entrepreneur himself, Eugene understands the significance of proper compliance in the MSB industry. He has prepared all our legal and governance documents to ensure they are easily and efficiently implemented and used by your business.
He has served as a legal consultant for medium-sized financial services organizations, including credit card issuers, POS distributors, acquirers, and those offering financing solutions for small and medium businesses.
As a successful entrepreneur himself, Eugene understands the significance of proper compliance in the MSB industry. He has prepared all our legal and governance documents to ensure they are easily and efficiently implemented and used by your business.
Certification
& Expertise
Our Clients
About Us
CBES exceeded our expectations in assisting us with our MSB licensing process in Canada. Their expertise and thorough understanding of the regulatory requirements made the entire process seamless. They provided invaluable guidance and support, ensuring our compliance with the necessary legal frameworks. We highly recommend CBES for anyone seeking professional and reliable MSB licensing services.
I cannot thank CBES enough for their exceptional services in helping us navigate the complex landscape of MSB licensing in Canada. Their team exhibited deep knowledge, attention to detail, and professionalism throughout the process. With their guidance, we were able to secure our license efficiently and smoothly. CBES is undoubtedly the go-to choice for MSB licensing solutions.
Choosing CBES for our MSB licensing needs was our best decision. Their team demonstrated a high level of expertise and commitment to assisting us with every step of the licensing process. From initial consultations to document preparation and submission, CBES provided comprehensive support. They truly went above and beyond to ensure our success. We highly recommend CBES to anyone seeking top-notch MSB licensing services in Canada.
CBES dedication and professionalism in assisting us with our MSB licensing in Canada were outstanding. They took the time to understand our unique requirements and provided tailored solutions accordingly. The team at CBES guided us through the complex regulatory landscape, offering clear explanations and expert advice. We are delighted with their services and grateful for their expertise.
Our experience with CBES for our MSB licensing needs was nothing short of excellent. Their knowledgeable team provided comprehensive support, addressing all our concerns and ensuring a smooth licensing process. CBES attention to detail and prompt communication made us feel confident throughout. We highly recommend their services to anyone seeking reliable MSB licensing assistance in Canada.
| | Take the Next Step Looking for a pro and experienced MSB licensing & compliance provider? Reach out to CBES! Contact us now to schedule a consultation & explore MSB licensing options. Our dedicated team will guide you through the process, addressing all queries & concerns. Together, we'll ensure your Canadian MSB is licensed & compliant with FINTRAC laws. |