A business needs its identification. A secure platform for business transactions. Accordingly, It needs a complete registration. Following are few steps of registration;
- you have to complete the pre-registration form. Where you need to submit your business information, either it is a corporation, sole proprietor or partnership based business. (Corporation is a business in Canada, authorized by the government or provincial laws. Whereas, the Partnership business is, where both parties will be liable for companies’ action. While sole proprietor will own the whole business.)
While, after the completion of pre-registration form, the company will contact you within 5 days with ID and password.
- you need to sign in MSB registration system with ID and password provided by the company. (MSB registration is a system where business is describing by the owner that transmit or convert money).
- MSB registration includes 4 sections, home page, navigation through MSG registration form, submitting your form to FINtrac and you will receive notification messages, definition etc.
- After the submission of the MSB form, you need to complete other information;
- Your bank account information
- Complete information about compliance officer
- You employees number
- Business structure
- Information of senior management of MSB
- Complete information about your branch and Canadian MSB agent.
- Total expected expense including the fees
Meanwhile, Company will take 14 days for the verification and if your form will be rejected by the company there is nothing more for you. In addition, if it is approved by the company, you proceed to the next step;
- Your approval notice and registration number
- Clarification request (if you didn’t response this section on time, you may assess penalties). Here, I will tell you the clarification request includes (sign in with MSB then, follow the instruction about response to clarification strength then, review the information and at the end, check your details, once you submitted your form, you will have done with your work)
Following are some Criminal Penalties:
- In the case of suspicious transactions penalty is up to $2 million and/or 5 years imprisonment.
- In a case of a large cash transaction or an electronic funds transfer penalty is up to $500,000 for the first offense, $1 million for subsequent offenses.
- If you fail to meet with record requirements penalty will up to $500,000 and/or 5 years imprisonment.
- During the examination of the compliance, if you fail to provide information, a penalty will up to $500,000 and/or 5 years imprisonment.
- Disclosing the facts or suspicious transactions penalty up to 2 years imprisonment.
And in case of violation
At the minor violation, the penalty will be started from $1 dollar to $1000 depends on the violation nature.
First, At serious violation, penalty from $1 to $100,000,
Second, At extreme serious violation, individually charge $1 to $100,000
Third, These penalties are applying according to the Canadian act “proceeds of crime and terrorist financing act”.
→ A company with the negative background will be not registered with MSB.
Documents required for the registration
When you are going to register your business with FINtrac, the following are the documents require at the time of the registration.
- Bank statement
- Driving license
- Passport details
- Birth certificate
other documents upon demand.
How to contact with FINtrac
If you want to know more details about your registration, you have an option to visit the site. In addition, you can directly contact the Financial transaction and reports analysis center of the Canada.
24th floor, 234 Laurier Avenue West
Ottawa, ON K1P 1H7, Canada
Contact number: 1-866-346-8722