Money Business Services
Helping Financial Companies Get FINTRAC Approval Licenses and comply with "Proceeds of Crime and Terrorist Financing Act".
FINTRAC Licensing Support
Entities providing Money Service Businesses in Canada (MSB) requires a License and must apply with Financial Transactions and Reports Analysis Centre of Canada ( FINTRAC) and get approval for a license
Entities providing or engaging in the following money-related services require FINTRAC licensing
Foreign exchange dealing conducting transactions where you exchange one type of currency for another (for example, exchanging Euro for CAD
1
Remitting or transferring funds 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
2
Issuing or redeeming money orders, traveler's cheques or anything similar your business issues or redeems money orders, travelers' cheques or other similar negotiable instruments
3
The PCMLTFA Act
Proceeds of Crime and Terrorist Financing Act
Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), all licensed foreign money services businesses are required comply with its Compliance and Anti- Money Laundering laws, practices policies and procedures including on -going reporting and record-keeping requirements.
FIS Corporate Services will assist with the entire application process with FINTRAC
Post-Approval FIS Corporate Services Will Provide The Following Services