Master Canada MSB Regulations: 52% Face Penalties in 2026

Canada's Money Service Business (MSB) regulatory framework is one of the most comprehensive in the world. FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) oversees all MSBs. Key requirements for Canadian MSBs: • Registration with FINTRAC (mandatory for all MSBs) • A comprehensive AML/CFT compliance programme • Know Your Client (KYC) procedures • Record keeping (minimum 5 years) • Suspicious transaction reporting • Large cash transaction reporting For Virtual Asset Service Providers (VASPs), additional obligations apply under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act amendments. The Retail Payment Activities Act (RPAA) adds further oversight for payment service providers operating in Canada. Marensa provides end-to-end Canadian MSB registration and compliance support, including AML programme design and ongoing FINTRAC compliance management.