Are you a money services business (MSB) that serves clients in Canada? Have you checked your MSB registration lately? If not, there’s no time like the present, and you can do so here.
What’s Required?
There have been some changes to the process for updating registration information with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) that may not be immediately apparent, and further changes are forthcoming. As a reminder, when an MSBs’ information changes, including products, locations, key personnel such as the Compliance Officer, ownership, or agents, that information must be updated with FINTRAC within 30 days. MSB registration must also be renewed prior to the registration’s expiry date.
MSB Registration Changes
When your MSB registration information changes, the first step is to complete the change form on FINTRAC’s website and remember to submit it within 30 days of the change. This form has a number of checkboxes that must be selected, depending on the specific updates that are being requested, as well as a freeform field that can be used to provide additional information (but be brief, there is a 100-character limit). There is also an option to download and save a copy of the completed form, which should be kept as part of your AML records.
Once FINTRAC has received the form, they will reach out, usually to the email address provided in the form, with next steps. The most common next step is currently for FINTRAC to send a PDF form using Canada Post Connect (a secure portal for messages and document sharing), which must be completed and returned within a specific timeframe. As with the online registration form, you should save a copy of your completed change form.
MSB Registration Renewals
Before your MSB registration expires, complete the renewal form on FINTRAC’s website. Remember, your MSB registration is valid for two years, and you need to renew it before it expires. This form is different from the change form, but does have a checkbox that must be selected if there are also changes to MSB registration information, as well as a freeform field that can be used to provide additional information (remember to be brief, as there is a 100-character limit). There is also an option to download and save a copy of the completed form, which should be kept as part of your AML records. You can also use the save a copy function to download a form in progress, which can be re-uploaded and completed later.
Once FINTRAC has received the form, they will reach out, usually to the email address provided in the form, with next steps. If there are changes to MSB registration information, the most common next step is currently for FINTRAC to send a PDF form using Canada Post Connect (a secure portal for messages and document sharing), which must be completed and returned within a specific timeframe. We recommend whitelisting @fintrac-canafe.gc.ca and @canadapost-postescanada.ca addresses, so that they don’t get caught in your spam filters.
In either of the above scenarios, we recommend that you always download and keep a copy of the registration details, which include the time and date when you submitted the document, so you have proof if required at a later date.
Does FINTRAC Send Notices to Expiring MSBs?
Prior to last year, MSBs received email reminders from FINTRAC when their registration was expiring, but it doesn’t seem that this is the case. You should not expect a notification from FINTRAC when your MSB registration is set to expire. We recommend setting a reminder in your calendar for 30 days before the registration expires, to make sure the form is submitted on time.
Need a hand?
Whether you need assistance with your FINTRAC registration or AML compliance in general, you can contact us here or by email at info@outliercanada.com.
