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Money Services Companies (MSBs) have certain obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and various regulations to help combat money trafficking and terrorist financing in Canada. If your business is one of these businesses, you need to be aware of all the obligations that apply to you, which include business registration, reporting, record keeping, knowing your own customers, and drawing up a compliance program. To register an MSB, you must complete and submit a pre-registration form. If you want to start operating in this area, then you can take the opportunity to become the owner of a ready-made MSB sales license. The ELI Deal service specialists will not only help you choose from a variety of offers, but will also accompany you at all stages of the transaction.
Your company is considered an MSB if you do business in Canada and offer one of the following services to your customers:
In addition, your company is an MSB in some more cases.
You are reporting profits from any of the above services as profits from a separate business in order to pay tax.
To make sure that your company is up to its responsibilities, FINTRAC has the right to ask you questions about the company and to compile some records.
MSB must be registered. Before starting to work in Canada, you must register your own MSB with FINTRAC. Even if you are already registered as an MSB in a province or territory, you still need to register with FINTRAC.
Companies that provide finance e services must send certain reports to FINTRAC.
If you want to open your own business in this industry, we advise you to pay attention to a ready-made business and consider the offers for sale on the ELI Deal service website. Our experts will provide you with comprehensive support, help you choose the most suitable deal according to the terms and conditions, and accompany you until the transaction is completed.
You can also see available MSB in Canada now and other available businesses on our website.
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