Maksym Stepanenko
Managing Partner, Crystal Tax
International client projects since 2012: company structures, tax, immigration, DUNS and NCAGE. 50+ jurisdictions.
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Canada MSB for sale: we help you buy a company with an active FINTRAC MSB registration (the so-called MSB licence) or prepare your own MSB for sale, and we handle the due diligence, the deal and the post-closing notices ourselves.
Since 2012 · 50+ jurisdictions · checks against the FINTRAC registry · post-closing notices on time
In brief
- A Canadian MSB for sale is a Canadian corporation with an active FINTRAC MSB registration, often called an MSB licence. FINTRAC itself states that registration is not a licence and that it issues no certificates.
- Buying an MSB makes sense when an existing corporation with a track record and an active registry status matter to you. FINTRAC also checks new owners in a purchase, and the company's history passes to the buyer together with it.
- When you buy a Canadian MSB, that is, a company with FINTRAC registration, we handle the search, due diligence, deal documents and post-closing changes: notices to FINTRAC and Corporations Canada and the ISC register. Sellers get help preparing the company for the buyer's review.
- After a change of owners holding 20 percent or more, directors, the CEO or the president, the company must notify FINTRAC within 30 days. If a new owner or director does not meet the legal requirements for owners and executives, the registration is deemed revoked by law from that day.
- Usually, in our experience, it takes 1–2 months from choosing a company to closing, and we file the notices within 30 days after closing. The timeline depends on the case, its details, the work of the authorities and force majeure.
Your situation
Pick the situation closest to yours: a short note on the route and the first step.
Fintech from Ukraine, I want to start in Canada faster
We compare two routes: buying an existing company and a new MSB registration in Canada. FINTRAC checks owners in both cases, so we work out what a purchase actually gives you: track record, active status and your partners' requirements.
Example. A Kyiv payment-service team chose a new registration: the services registered by the companies on offer did not match their model, and reworking the compliance program would have taken just as long.
Discuss this case →Crypto business looking for an MSB with virtual currency services
We look for a company whose FINTRAC registry entry already lists virtual currency dealing and check how it met its obligations: large virtual currency transaction reports, the travel rule, client identification.
Example. An OTC desk bought a corporation with registered virtual currency services; before the deal the seller handed over the compliance program and the reporting log, and after it we rewrote the risk assessment for the new model.
Discuss this case →I found an offer myself and need an independent review
We run buy-side due diligence: the FINTRAC registry, published penalties, corporate records, the compliance program, questions to the seller. You get a list of risks and the terms worth putting into the agreement.
Example. A buyer from Warsaw received an offer through a broker; the review showed two months left before the registration expired, and the renewal became a condition of the deal.
Discuss this case →I am selling my MSB and need to prepare it
We put the documents in order before you approach buyers: corporate records, the ISC register, the compliance program and its latest effectiveness review. We prepare a due diligence package so the deal does not stall on questions.
Example. The owner of a money transfer company closed that line of business and sold the corporation; we updated the policies, compiled the reporting history and prepared answers to typical buyer questions.
Discuss this case →I am buying a stake of 20 percent or more
A holder of 20 percent or more goes through the same checks as a founder: a criminal record check with a certified translation and a FINTRAC notice within 30 days. We prepare the documents in advance, before signing.
Example. An investor from Lviv acquired 25 percent of a Canadian MSB; the criminal record check with translation was ready before closing and the notice was filed on time.
Discuss this case →The company on offer has a registration about to expire
An MSB registration is renewed every two years, and the renewal is filed before expiry. We check the date in the registry and agree who renews and when: the seller before the deal or the new team right after it.
Example. The buyer agreed that the seller files the renewal before closing, and part of the price is paid after the renewal is confirmed.
Discuss this case →What buying a Canadian MSB for sale includes, turnkey
A turnkey purchase of a Canadian MSB includes finding or reviewing the offer, due diligence, deal documents and every post-closing notice. We need decisions and owners' documents from you; the correspondence and filings are ours.
What the buyer gets
- The corporation with its history, corporate records and registers of shareholders, directors and ISC.
- The FINTRAC registration number and status in the public MSB registry: Registered, initial registration date, expiry date, list of services.
- The existing compliance documents. The new owner must adapt them to its own business model and its own risk assessment.
- Bank and payment accounts do not transfer automatically on a change of owners: banks and payment providers run KYC on the new owners and decide themselves whether to keep or close the account.
Search and review
- We clarify the task: which MSB services you need, where your clients are, whether Quebec is involved, whether there will be payment functions.
- We find offers or review the one you found yourself.
- We compare the seller's data with the public FINTRAC registry and the list of published penalties.
- We run due diligence using the checklist in the reference below and prepare questions for the seller.
- We compare the purchase with a new MSB registration in Canada if the company's risks outweigh its advantages.
The deal
- A share purchase agreement with the seller's representations on compliance, reporting and the absence of FINTRAC examinations and penalties.
- Indemnification terms in case the representations prove untrue.
- Payment terms: escrow or staged payments, for example after the registration renewal is confirmed.
- A check that the new owners and directors meet the legal requirements before signing.
After closing
- A notice of changes to FINTRAC within 30 days and answers to clarification requests.
- A notice of change of directors to Corporations Canada and an ISC register update within 15 days.
- A new compliance officer, updated policies, risk assessment and training program.
- A package for banks and payment providers.
- The company's accounting and taxes, including the Ukrainian CFC (controlled foreign company) report for owners who are Ukrainian tax residents.
Obligations that come with the company
Together with the MSB registration, the buyer takes on every obligation under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). FINTRAC monitors them through compliance examinations.
- Compliance program: a compliance officer with the necessary authority, written policies and procedures approved by a senior officer, a documented risk assessment, a training program and plan, an effectiveness review at least every two years.
- Identification of clients, beneficial owners and politically exposed persons, ongoing monitoring of business relationships.
- Reports to FINTRAC: suspicious transactions with no threshold, large cash transactions and large virtual currency transactions of 10 000 Canadian dollars or more, international electronic funds transfers of 10 000 Canadian dollars or more.
- The travel rule for transfers and virtual currency transactions, record keeping.
- Ministerial directives on transactions involving Russia, Iran and the DPRK.
- Agent checks: since 1 October 2025 an agent's compliance with the requirements and its criminal record check are verified before it starts work and again every two years; for agents engaged earlier, the first check must be done by 1 October 2027.
On 26 March 2026 a new FINTRAC administrative monetary penalty regime came into force. For violations after that date the maximum penalties can be up to 40 times higher than the previous limits, for specified violations the company must enter into a compliance agreement, and FINTRAC gained the power to issue compliance orders. For this reason we close compliance gaps within the first weeks after the purchase.
For sellers
- We check the registry status and expiry date and, if needed, prepare the renewal before you approach buyers.
- We update the compliance program and run the effectiveness review if the last one is more than two years old.
- We compile corporate records, the ISC register, the reporting history and tax data into a single due diligence package.
- We prepare answers to typical buyer questions and draft representations the seller can actually give.
- After closing we help with the notices on the seller's side.
How long an MSB for sale in Canada takes to close
Usually, in our experience, it takes 1–2 months from choosing a company to closing, and we file the notices to FINTRAC and Corporations Canada within the statutory deadlines after closing. The timeline depends on the case, its details, the work of the authorities and force majeure.
- Task and search — a few days if you have already found an offer, longer if you need specific services in the registry.
- Due diligence — usually 2–3 weeks; the main factor is how fast the seller hands over documents.
- Criminal record checks — prepared in parallel: a check from the competent authority of the country of residence and a translation into English or French certified by a certified translator; for applications FINTRAC requires a check issued no earlier than six months before submission.
- Deal documents — the agreement, representations, payment terms, board resolutions.
- After closing — FINTRAC is notified within 30 days, Corporations Canada of the change of directors and the ISC register within 15 days.
FINTRAC does not state a processing time for change notices on its pages. A clarification request must be answered within 30 days, and without an answer FINTRAC may revoke the registration, so we prepare answers right away.
Bank and payment accounts are the least predictable part: each bank reviews new owners under its own rules.
Timelines grow longer in predictable cases: the seller hands over documents in parts; the buyer is a company from another country and documents are needed for the whole ownership chain; criminal record checks are needed from several countries; little time remains before the registration expires and a renewal comes first; the company operates in Quebec or performs payment functions and a licence or RPAA registration check is needed.
Cost to buy a Canadian MSB (the so-called MSB license)
The seller sets the price of the company itself, and we quote our work individually: it depends on the scope of the review and the post-closing changes.
- Which MSB services are registered and which you plan to offer.
- A domestic MSB or a foreign MSB with a representative for service in Canada.
- Whether you need a Quebec licence or a Bank of Canada registration under the RPAA.
- How many new owners and directors, their countries, whether their criminal record checks and translations are ready.
- Ownership structure: individuals or a chain of companies.
- The state of the compliance program and how much reworking it needs.
- Bank and payment accounts, accounting and taxes after the deal.
FINTRAC charges no registration fee. Separate expenses are translations of the checks and Bank of Canada fees if an RPAA registration is needed; we list them in the quote. If you are also weighing a fresh registration instead of a purchase, the government fees and the time each stage takes are broken down in this guide to Canada MSB fees and processing times. Describe your task in a few sentences and we will estimate the work within a working day. To review a specific offer, there is a 30-minute consultation for 100 euros.
Why clients trust us to buy and sell MSB companies
Five reasons why owners of payment and currency exchange businesses do an MSB deal with us.
In business since 2012
We work in 50+ jurisdictions; we know the requirements of registrars, FINTRAC, banks and tax authorities from our own cases.
We deal with authorities, registrars and banks
Notices to FINTRAC and Corporations Canada, answers to clarification requests and correspondence with banks are our job. From you we need documents and decisions.
We carry the case to the result
If FINTRAC, the registrar or a bank sends remarks, we rework them at no extra charge.
One team for the whole structure
Company, compliance, account, accounting, Canadian taxes and Ukrainian CFC (controlled foreign company) rules, with no need to find separate contractors.
Contract and confidentiality
We work under a contract, and the confidentiality terms are written into it.
How to buy a Canadian MSB with FINTRAC registration: our process
Buying an MSB company takes six steps, and at each one you know what is needed from you.
- Task and choice of route. We clarify services, markets and timing and compare a purchase with a new registration.
- Search and initial check. We compare the offer with the FINTRAC registry and published penalties and request documents from the seller.
- Due diligence. We review compliance, reporting, corporate records, taxes and agents and prepare a list of risks.
- New owners' documents. We prepare criminal record checks with certified translations and check whether the owners and directors meet the legal requirements.
- Agreement and closing. We agree the contract with representations, indemnification and payment terms and close the deal.
- Notices and compliance. We notify FINTRAC and Corporations Canada, update the ISC register and the compliance program and prepare a package for banks.
Documents to buy an MSB company in Canada
Buying an MSB company requires the seller's documents for due diligence and the documents of the new owners and directors for FINTRAC and Corporations Canada.
From the seller
- Certificate of incorporation, articles, by-laws, minute book, registers of shareholders, directors and ISC.
- The FINTRAC registration notice and the latest information filed, including the list of services, agents and addresses.
- Compliance program: officer appointment, policies and procedures, risk assessment, training program and plan, the report on the latest effectiveness review for the two-year period.
- Information on reports filed with FINTRAC during operations and on record keeping.
- Correspondence with FINTRAC: requests, examinations, penalties, if any.
- The company's tax data: CRA accounts and filed returns.
- A Quebec licence or a Bank of Canada registration under the RPAA, if the company has them.
From each new owner holding 20 percent or more, director, CEO and president
- Passport, date of birth, country of birth and residence.
- A criminal record check issued by the competent authority of the country of residence; for applications FINTRAC requires a check no older than six months on the date of submission, and we follow the same rule for notices.
- A translation of the check into English or French certified by a certified translator, with a Statement of certification.
If the company is a foreign MSB
- A foreign MSB without a place of business in Canada names a representative for service who resides in Canada.
- If the representative changes, FINTRAC is notified within 30 days; otherwise FINTRAC must refuse or revoke the registration.
If the buyer is a company
- A registry extract, articles and an ownership chart up to the ultimate beneficial owners.
- Documents of owners and controlling persons along the whole chain.
What you receive
- A due diligence report with a list of risks and recommendations on the deal terms.
- A signed share purchase agreement and corporate resolutions.
- Confirmations of the notices filed with FINTRAC and Corporations Canada, an updated ISC register.
- An updated compliance program for your business model.
Reference: buying an existing MSB or a new registration
A purchase gives you an existing corporation with a track record and an active registry status, a new registration gives you a clean company with no inherited risks; FINTRAC checks owners in both cases.
| Criterion | New registration | Buying an existing MSB |
|---|---|---|
| What FINTRAC reviews | A full application: owners of 20 percent or more, directors, CEO, president, services, compliance officer | A notice of changes and whether the new owners and directors meet the legal requirements, with criminal record checks |
| Timeline | According to FINTRAC, most complete applications are processed within three months, complex ones take longer | Due diligence and the deal, then a notice within 30 days; no official processing time for changes |
| Company history | Starts from zero | Passes to the buyer: reporting, penalties, contracts, taxes |
| Registry status | Appears once entered in the registry | Active since the initial registration date; further status depends on whether the new owners and directors meet the legal requirements |
| Compliance documents | Written for your model | Exist, but need to be adapted to your model and risk assessment |
| Cost factors | Scope of services, structure, compliance program | Seller's price, scope of due diligence, compliance rework, deal terms |
A purchase is justified when a partner or payment provider values a company with an operating history and an active registry status. If the company's history is unknown or the seller will not disclose it, a new registration is the safer choice. More on the first route on the MSB registration in Canada page.
Reference: due diligence checklist for an MSB company
Due diligence on an MSB company checks the FINTRAC registry status, how well the services fit your business, the penalty history and the state of the compliance program.
| What we check | Where and how |
|---|---|
| Status and registration expiry date | Public MSB registry: Registered status, expiry date; a registration is valid for two years and is renewed before expiry |
| Registered services and your plan | Comparing the list of services; a new service is a change that must be reported to FINTRAC |
| FINTRAC penalties | Published administrative monetary penalties: FINTRAC publishes all such decisions |
| Compliance program | Officer, policies, risk assessment, training, effectiveness review within the last two years |
| Reporting and records | Questions to the seller about filing suspicious transaction reports, large cash transaction reports and international transfers of 10 000 Canadian dollars or more, and about record keeping |
| Agents | List of agents, checks of their compliance with the requirements and criminal record checks |
| Corporate records | Annual returns, ISC register, directors, shares |
| Taxes | CRA accounts and filed returns |
| Quebec and RPAA | A Quebec licence under the Money-Services Businesses Act for operations in Quebec: it is issued by the Minister of Revenue of Québec, and Revenu Québec administers the Act. A Bank of Canada registration under the RPAA for retail payment functions |
| Examinations and claims | Seller's representations that there are no ongoing FINTRAC examinations, requests or penalties |
Reference: what changes after the deal and deadlines
After buying an MSB company, the changes must be reported to FINTRAC within 30 days, and for a federal corporation to Corporations Canada within 15 days.
| What | Where | Deadline |
|---|---|---|
| Owners of 20 percent or more, directors, CEO, president, services, addresses, agents | FINTRAC | 30 days from when the company became aware of the change |
| Answer to a clarification request | FINTRAC | 30 days |
| Change of directors of a federal corporation | Corporations Canada | 15 days |
| Changes to the ISC register | Company register and Corporations Canada | 15 days |
| MSB registration renewal | FINTRAC | Before the two-year period ends |
| Ceasing MSB activities | FINTRAC | 30 days |
Under the CBCA at least 25 percent of the directors of a federal corporation must be resident Canadians, and if there are fewer than four directors, at least one. The client appoints a real resident director or chooses a company incorporated in a province whose law has no such requirement; we explain the options before the deal.
The law bars from FINTRAC registration, among others, persons subject to certain sanctions, listed terrorist entities, persons convicted of money laundering, terrorist financing and a number of other offences, including foreign equivalents, and persons who have not paid a FINTRAC administrative monetary penalty 30 days after the proceedings ended. A corporation is ineligible if its CEO, president, a director or an owner of 20 percent or more falls into these categories.
If a new owner or director does not meet the legal requirements, the registration is deemed revoked by law from the day this happened. Within 30 days of a refusal or revocation decision you can ask the Director of FINTRAC for a review, and appeal that decision to the Federal Court.
Reference: red flags in MSB for sale offers
An offer of an existing MSB company is worth putting on hold if the seller will not let you check its status, history and documents.
- The registry shows Expired, Revoked or Ceased status, or the seller's data does not match the registry.
- The registered services do not match your business.
- The company has penalties in FINTRAC's public list.
- Compliance documents are missing or purely formal, and no effectiveness reviews have been done.
- The seller refuses to give compliance representations and stand behind them.
- The seller rushes you and proposes closing before the new owners are checked.
- The seller promises the registration will stay with the company without a FINTRAC notice and a check of the new owners.
How to start
Describe your task in a few sentences: which MSB services you need, where your clients are and whether you already have an offer. We will reply within a working day, and on a free 10-minute call we will tell you what suits you: buying an existing company or a new registration.
Other services
Sources
FINTRAC — Money Services Business Registry: registry, statuses, registration is not a licence; FINTRAC — Money services businesses: services, agents, obligations; FINTRAC — Registering your MSB: criminal record checks, translation, timelines; FINTRAC — Clarification requests, update, renew, cease; FINTRAC — Compliance program requirements; FINTRAC — Penalties for non-compliance: publication of penalties; FINTRAC — AMP changes following legislative amendments, 26.03.2026; Justice Laws — PCMLTFA, ss. 11.1–11.4; Justice Laws — Canada Business Corporations Act, ss. 21.1, 105, 113; LégisQuébec — Money-Services Businesses Act, E-12.000001. Checked: 27.09.2026.
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Frequently asked questions
Is there a Canada MSB for sale, and can I buy one?
What does an MSB license for sale in Canada mean legally?
Does the MSB registration pass to the buyer of the company?
Which is better: buy an existing MSB in Canada or register a new one?
MSB for sale, Canada: how long does the purchase take?
Will the company's bank accounts survive the sale?
Does the buyer need a criminal record check?
Do I need a director who is a resident of Canada?
What should I check before buying an existing MSB company?
How do I sell my MSB company?
What happens if the registration expires soon?
Is a separate registration needed for payment services?
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