About
At CBES, we offer comprehensive solutions for Money Services Businesses (MSBs) in Canada. With years of experience and a deep understanding of the regulatory landscape, we are your trusted partner for navigating the complex world of the initial licensing and on-going financial compliance.
As a dedicated services provider for MSB industry, we have many years of experience in the field and recognize the unique challenges faced by businesses operating as MSB’s in Canada.
Whether it is the initial registration with the Canadian regulator (FINTRAC), or support for your business’ ongoing compliance, we have solutions to ensure that you meet your regulatory obligations while streamlining your operations and minimizing risk.
As a dedicated services provider for MSB industry, we have many years of experience in the field and recognize the unique challenges faced by businesses operating as MSB’s in Canada.
Whether it is the initial registration with the Canadian regulator (FINTRAC), or support for your business’ ongoing compliance, we have solutions to ensure that you meet your regulatory obligations while streamlining your operations and minimizing risk.
About
At CBES, we offer complete solutions for Canadian MSBs. With extensive experience and deep regulatory knowledge, we're your trusted partner for licensing and financial compliance.
As a dedicated MSB services provider, we understand the unique challenges businesses face in Canada.
From initial registration with FINTRAC to ongoing compliance support, our solutions ensure you meet regulatory obligations while streamlining operations and reducing risk.
As a dedicated MSB services provider, we understand the unique challenges businesses face in Canada.
From initial registration with FINTRAC to ongoing compliance support, our solutions ensure you meet regulatory obligations while streamlining operations and reducing risk.
What is MSB licence?
Currency exchange
Conducting transactions where you exchange one type of currency for another (for example, exchanging USD for CAD).
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.
01
04
Crowdfunding platform services
You provide and maintain a crowdfunding platform for use by other persons or entities to raise funds or virtual currency.
Transferring or receiving funds at the request of a client
02
Remitting or transmitting from one person/entity to another using an electronic funds transfer network or other methods (e.g., Hawala, Hundi, Fei ch'ien, Chitti).
This includes remitting or transmitting funds (as instructed by clients) using a credit/debit card if the beneficiary has an agreement with the payment service provider allowing payment for goods and services.
This includes remitting or transmitting funds (as instructed by clients) using a credit/debit card if the beneficiary has an agreement with the payment service provider allowing payment for goods and services.
Your business issues/redeems MOs, TCs, or similar negotiable instruments. Excludes cashing cheques made out to a specific person/entity.
05
Issuance/ Redemption of TCs, MOs, or similar negotiable instruments
03
Currency exchange
Conducting transactions where you exchange one type of currency for another (for example, exchanging USD for CAD).
01
Crowdfunding platform services
You provide and maintain a crowdfunding platform for use by other persons or entities to raise funds or virtual currency.
02
Your business issues or redeems money orders, travellers' cheques or other similar negotiable instruments. This does not include cashing cheques made out to a particular person or entity.
Issuing or redeeming traveller's cheques, money orders or similar negotiable instrument
03
Dealing with cryptocurrency (virtual currency)
This includes both virtual currency exchange & transfer services.
Virtual currency exchange services include exchanging:
a) funds for virtual currency,
b) virtual currency for funds,
c) virtual currency for another virtual currency.
Virtual currency transfer services include:
a) transferring virtual currency at the request of a client, or
b) receiving a transfer of virtual currency for remittance to a beneficiary.
Virtual currency exchange services include exchanging:
a) funds for virtual currency,
b) virtual currency for funds,
c) virtual currency for another virtual currency.
Virtual currency transfer services include:
a) transferring virtual currency at the request of a client, or
b) receiving a transfer of virtual currency for remittance to a beneficiary.
04
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.
05
What is MSB licence?
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
While the initial registration of MSB license with FINTRAC is crucial for establishing your MSB operations, it is equally vital to maintain business compliance with laws and regulations and ensure good standing with FINTRAC.
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?
Step one
Contact CBES for a free initial consultation. Purpose: Determine if your business requires Canada MSB (Money Services Business) Registration & review 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.
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.
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.
Schedule a free 15 minute consultation with our MSB
lawyer to obtain your Canada MSB Registration
lawyer to obtain your Canada MSB Registration
Schedule a free 15 minute consultation with our MSB lawyer to obtain your Canada MSB Registration
Evgene Jakubov
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.
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.
Senior Consultant, Barrister and Solicitor (ONT)
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.
Evgene Jakubov
Our senior consultant, Evgene (Eugene) Jakubov relies on more than twenty years of experience as a licensed lawyer and more than ten years working with MSB’s and other growing business providing them with various licensing, compliance and legal support services. For many years, Eugene worked as a legal consultant for medium sized financial services organizations such as credit card issuers, POS distributors and acquirers, and organizations offering unique financing solutions for small and medium businesses.
Being a successful entrepreneur himself, Eugene understands the importance of proper compliance in such industry as MBS. All our legal and governance documents have been prepared by Eugene in a manner that will make their implementation and use by your business as simple and as efficient as possible.
It is this combination of in-depth understanding of the MSB industry from one side and many challenges that businesses face while implementing new compliance regimes from another that position Eugene as one of the leading experts in the field of licensing and compliance for MSB’s in Canada.
Being a successful entrepreneur himself, Eugene understands the importance of proper compliance in such industry as MBS. All our legal and governance documents have been prepared by Eugene in a manner that will make their implementation and use by your business as simple and as efficient as possible.
It is this combination of in-depth understanding of the MSB industry from one side and many challenges that businesses face while implementing new compliance regimes from another that position Eugene as one of the leading experts in the field of licensing and compliance for MSB’s in Canada.
Senior Consultant, Barrister and Solicitor (ONT)
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's 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's 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.
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.
Let`s get in touch!
1-300 Supertest Rd
North York, Ontario
M3J 2M2
North York, Ontario
M3J 2M2
+1 647 569 2377
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