If you are a Money Services Business (MSB) operating in Canada, this update affects you directly. As a consultant, we have seen firsthand how confusing this new process has been for many MSBs. Businesses have reached out unsure how to make updates, frustrated that they can no longer access their information through the FWR portal — stuck not because they are unwilling to comply, but because the system has changed.
Your Legal Obligations as an MSB
Every MSB operating in Canada is legally required to:
- Register with FINTRAC
- Keep that registration up to date
- Report certain changes within 30 days
These requirements are set out in Part 1, Sections 11(1)–(2) and 12(1) of the PCMLTFA. Importantly, the obligation to register and maintain active MSB status must also be documented in the MSB’s AML compliance program — specifically in its written policies and procedures.
The New Five-Step Update Process
To update, renew, or cancel your MSB registration, you must now follow FINTRAC’s five-step process:
Use the Update Request Form
Begin by completing FINTRAC’s official Request to Update MSB Registration form, available on the FINTRAC website.
Complete the Form
You will be asked to confirm your business structure (e.g., corporation, sole proprietorship), mailing and business address, your MSB number, and what has changed (e.g., ownership, directors, contact info, activities).
Wait for a Response from FINTRAC
FINTRAC will contact you via Canada Post Connect, a secure communication portal. Expect a wait of several weeks to months.
Upload Supporting Documents Securely
Once FINTRAC reaches out, fill out a more detailed update form and provide any required supporting documents. Upload all documents via Canada Post Connect — not via email or the FINTRAC website.
Receive Confirmation or Follow-Up
FINTRAC may respond via the same secure portal with follow-up questions. If there are no issues, you will receive a confirmation email that your information has been successfully updated.
What Changes Must Be Reported Within 30 Days?
Not every internal change triggers the 30-day reporting rule. Here is how to tell what does — and what can wait.
Report within 30 days
- Business ownership or control
- Directors or Compliance Officer
- Legal or operating name
- Business address or service locations
- MSB services offered (e.g., adding foreign exchange)
- Agent or banking relationships
Does not require immediate report
- Change in number of employees (typically captured at annual renewal)
- Minor operational updates with no impact on regulated activities
Need Help Navigating the New Process?
If your MSB needs support registering, updating, renewing, or cancelling its FINTRAC registration, C&G’s compliance team is here to help. We will guide you through every step and make sure nothing is overlooked.