Related data received by financial community at the global level, Canadian banking facilities, as individual structures and the entire financial sector as a whole are among the best and most cost-effective when compared with other jurisdictions. In 2020, Canada’s economy was in ninth position in the line of the most stable economies in the global format. Financial area itself consists of certain components, as banking facilities, payment systems and some fin establishments. All of them are subject to licensing, and one of options that makes your business available not only to Canadians, but also to consumers in other countries, is MSB license permission. It is worth noting here that the licensing and registration of MSB companies in Canada is a multi-stage procedure that relies on many nuances covered only by professional knowledge.
In the presence of the aforementioned document, the commercial structure acquires the right to provide services of the following nature.
- Trading operations with currencies: real cash to virtual and vice versa; electronic media.
- Exchange operations.
- Using currency as payment basis: transferring, receiving money for subsequent transfer to the recipient, and the like.
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How is Canada superior to other jurisdictions? Powers Granted to License Holders
The reliability of Canadian banking sector is said to be respected and solid in global community. Now the state has an excellent economic platform that meets all world standards, including the use of innovative techniques, the introduction of modernized solutions for technological growth, and the improvement of consumer asset protection methods.
If you intend to get MSB license in Canada, give close look at some of the benefits that will be at your disposal directly.
- Geopolitical situation with a strong position, which gives access to cooperation with Mexico and the US.
- Stability in the political and social arena.
- Reliability and profitability of the financial space.
- Regulatory and easy to understand regulatory framework.
- Market with transparent and fair conditions.
- Workforce with high professional qualifications.
- The inviolability of the law and its strictest observance.
- Small total costs for launching commercial projects.
What is AML/CFT compliance?
The whole world actively opposes the illegal circulation of financial resources, which implies an understanding by investor that he/she is obliged conducting his/her activities transparently and officially. Canada has also developed its own AML/CFT regulations. Compliance should consist of four main items.
- Presence of compliance officer within the enterprise. Such a person is obligated to support AML/CFT programs. At the same time, the personal presence of this employee within Canadian jurisdiction is not required.
- Carrying out an assessment of possible risks, which should be documented. In particular, the company is obliged to create its own strategies to eliminate such risks.
- Procedures for compliance with AML/CFT rules, which should be kept in written. Such procedures are subject to mandatory approval and certification by official representations and be drawn up in obedience to legislative aspects.
- Personnel must complete a specific instruction and continuing education layout to enable them to function appropriately as MSBs. Each member of the firm’s staff must be fully aware of their role in the organization and fulfill their responsibilities.
Take the time to test the program, which should be done once every 24 months. This will guarantee its effectiveness. Conducting visibility of rules of inner work, as well as the skills and professional attainments of staff is mandatory to achieve full accordance with law and level of maximum usefulness.