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Canada Money Service Business (MSB) & Payment Service Provider (PSP) Law

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Regulatory Clarity for Money Services and Payment Businesses

Money Services Businesses (MSBs) and Payment Service Providers (PSPs) operate within a complex and evolving regulatory framework. We advise Canadian and international clients on these requirements and the legal issues that arise throughout the lifecycle of their businesses.

Businesses in this sector must address requirements relating to:

  • Registration
  • Anti-money laundering and anti-terrorist financing compliance
  • Risk management
  • Reporting
  • Ongoing regulatory oversight

Our lawyers assist clients with the establishment and operation of MSBs and PSPs, including:

  • FINTRAC registration and regulatory compliance
  • AML/ATF compliance programs, policies, and procedures
  • Risk assessments
  • Corporate governance
  • Regulatory reporting
  • Know-your-client (KYC) and customer due diligence obligations
  • Compliance reviews
  • Regulatory examinations and investigations

For payment service providers, we advise on:

  • The Retail Payment Activities Act (RPAA) and the regulatory framework administered by the Bank of Canada
  • Privacy and data governance issues
  • Commercial agreements
  • Related regulatory developments
  • Assessing regulatory requirements for businesses entering the Canadian market
  • Implementing compliance frameworks that reflect the business's activities

Our advice is practical, commercially focused, and informed by an understanding of the regulatory environment in which financial services businesses operate.

We work with clients to identify legal and regulatory risks, develop effective compliance processes, and respond to changing regulatory requirements as their businesses evolve.