AML Audit

webeeui-simple-cta-center

AML Audit

Do you need help with your AML audit (or “effectiveness review”) in Canada?

Under Canadian law, Money Service Businesses (MSBs) and foreign Money Service Businesses (fMSBs) are required to conduct a comprehensive review of their compliance programs every two years. This "effectiveness review" or AML (Anti-Money Laundering) audit is not just a regulatory obligation—it's a vital health check for your business to detect and prevent money laundering and terrorist financing activities.
‍Navigating the complexities of AML regulation in Canada requires a vigilant and proactive approach. Our AML Audit service is designed to ensure that your compliance program is robust and effective. The review will help you adhere to laws related to terrorist activity financing and sanctions evasion.
Get started
webeeui-nco-center-img

Our services in detail

Expert evaluation

Our seasoned compliance experts bring a wealth of knowledge to assess your AML strategies and bring them into compliance with FINTRAC policies and procedures.

Comprehensive review

Our audit covers all your business practices. We examine how well your business aligns with your documented compliance protocols, your ongoing compliance training program, the efficacy of your risk assessment practices, and the thoroughness of your ongoing training initiatives.

Actionable insights

After the compliance audit process, we provide you with a detailed report pinpointing any gaps or weaknesses. Our findings translate into practical recommendations and action plans to fortify your AML compliance.
webeeui-simple-cta-center
Book a call
webeeui-simple-cta-center
Get started
notion-toggle-faq

Frequently asked questions

 
FAQ

What is the difference between an MSB vs. fMSB?
An MSB requires physical presence in Canada (i.e. a physical location and local representatives working on your behalf). We can help with that.

In contrast, an fMSB is a foreign business that wants to direct and offer its services to Canadians. We can also help with that.In addition, there also exists practical differences in the registration process and the ability/opportunity to onboard with certain financial institutions.

Find out more at our “MSB Registration page”.
How long does it take to get an MSB registered?
Approximately 3-5 months.

For a more detailed walkthrough of the steps involved, check out our “MSB Registration Timeline”.
Is there a requirement for MSBs to have a local director?
While not mandatory, FINTRAC and many financial institutions expect MSBs to have an experienced Canadian compliance officer to oversee their FINTRAC-compliant compliance program.

Learn more about why a Canadian compliance officer is important here. See how we can help provide one here.
Can I “passport” the MSB to other countries?
From a Canadian regulatory perspective, you are generally allowed to service non-Canadian clients. However, servicing foreign clients may trigger foreign laws and regulations.‍
Pl
ease reach out if you’d like to learn more about how you can potentially “passport” into foreign jurisdictions.
Will I need any other licenses or registrations to operate my fintech company?
You may need to obtain additional expensive registration with securities regulators if you (1) custody your clients’ crypto assets, (2) operate a custodial crypto exchange, or (3) deal with smaller less-established crypto assets.

If you want to operate in the province of Québec or take on Québec clients, you may need an additional MSB license with Revenu Québec.

Effective November 2024, remittance companies, neobanks, payment service providers, and certain fintech technology providers may need to register under the Retail Payment Activities Act.
What services can I provide with an MSB/fMSB?
You can provide the following types of services with an MSB/fMSB:

• Currency exchange
• Cross-border remittance
• Payment services
• Gateway services
• Merchant services
• Issuing or redeeming money orders or traveller’s cheques
• Over-The-Counter crypto trading
• Crypto remittance, payment, gateway, or merchant services
Is it a requirement for an MSB to have local physical presence or a local representative?
An MSB is expected to have physical presence in Canada. According to FINTRAC, this means that you need a Canadian private physical address (not a PO box or virtual office) and a representative of your business who will be working on your business during normal working hours at such address.

This representative person should be available if FINTRAC were to conduct an examination in person at the MSB's offices.

To learn more about how we can help you establish physical presence in Canada, please see here.
Can you help us get banked?
Certainly, we can assist you in navigating the banking landscape.

Check out our “Bank Account Opening” service for more information.
Can you provide us with a local nominee director?
Yes, we can assist with providing a local nominee director if required. Please Contact Us to find out more.
Can I provide crypto services with an MSB?
Yes, you can provide crypto-related payment services, such as sending, receiving, or OTC exchanging well-established crypto assets (e.g. Bitcoin, Ethereum, Litecoin, etc.). However, you may need to obtain additional expensive registration with securities regulators if you (1) custody your clients’ crypto assets, (2) operate a custodial crypto exchange, or (3) deal with smaller less-established crypto assets.‍

Please reach out if you’d like to learn more.
How much does it cost to get an MSB/fMSB registered?
We offer Basic and Premium packages tailored to your needs.

Visit our “MSB Registration page” for details and pricing.
My MSB/fMSB license expired/got seized, what do I do?
Generally speaking, if your MSB/fMSB registration has expired or ceased, the first step is to reach out to FINTRAC and let them know you’d like to your registration.

Depending on the length of time your registration has lapsed and the reason for the lapsing, you may need to redo your MSB/fMSB registration.

We’ve helped several companies engage with FINTRAC and get their MSB registration back up and running.

Please contact us here if you would like to learn more about how we can help.
Will the MSB allow me to provide services to non-Canadians?
Canadian regulators have no issue with MSBs servicing non-Canadians. However, in order to service clients outside of Canada, you will need to comply with the local laws and regulations of that region.

Please contact us if you’d like to learn more about how you can potentially “passport” into foreign jurisdictions.
Is there a requirement for MSBs to have a local compliance officer?
We strongly encourage MSBs to have an experienced Canadian compliance officer overseeing its FINTRAC-compliant compliance program.

To learn more about why you should have a Canadian compliance officer, see here.

To read more about how we can help provide you with a Canadian compliance officer, please click here.