Need banking for your Money Service Business (MSB) or Payment Service Provider (PSP) in Canada? We make it simple.
Already Have an MSB or PSP License? We’ll Find You Banking Options
If you already operate a licensed MSB or PSP in Canada and need banking relationships, here’s how we help:
Our Simple Process:
- Contact us with your MSB or PSP details
- We research multiple banking options that fit your business
- We share the commercial terms from different banks
- You choose the option that works best for you
- We introduce you to the bank and support the application
What You Get:
- Multiple banking options tailored to your MSB or PSP type
- Clear commercial terms upfront (fees, minimums, requirements)
- Direct introductions to the right bank contacts
- Application support throughout the process
Need Complete MSB or PSP Setup? We Handle Everything
Don’t have an MSB or PSP license yet? We can help you get set up from scratch:
- MSB License Application: Complete FINTRAC registration process
- PSP License Application: Bank of Canada RPAA registration process
- Compliance Framework: All required AML/ATF and RPAA documentation
- Banking Relationships: Securing appropriate bank accounts
- Ongoing Support: Maintaining compliance and banking relationships
RPAA Safeguarding Accounts for PSPs – We Make It Simple
If you’re a Payment Service Provider, RPAA regulations require you to safeguard customer funds. This is your regulatory responsibility, and we help you set it up properly:
What PSPs Need:
- Safeguarding Account Setup: Special trust accounts to protect customer funds
- RPAA Compliance Documentation: Proper policies and procedures
- Bank Selection: Finding banks that offer RPAA-compliant safeguarding accounts
- Ongoing Monitoring: Ensuring continued compliance with safeguarding requirements
How We Help:
- Research which banks offer safeguarding account services
- Share commercial terms for safeguarding accounts
- Help set up proper trust account structures
- Ensure compliance with RPAA safeguarding regulations
- Provide ongoing support for safeguarding requirements
AML Compliance or RPAA Requirements Not Meeting Bank Standards?
Banks have strict compliance requirements for both MSBs and PSPs. If your current documentation isn’t meeting their standards, we’ll help upgrade it:
For MSBs:
- AML Compliance Gap Analysis: Review what’s missing or insufficient
- Documentation Updates: Bring policies and procedures up to bank standards
- Training Programs: Ensure your team understands requirements
- Ongoing MLRO Support: Professional Money Laundering Reporting Officer services
For PSPs:
- RPAA Compliance Review: Ensure safeguarding and operational requirements are met
- Safeguarding Documentation: Proper policies for customer fund protection
- Trust Account Setup: Compliant structures for safeguarding accounts
- Ongoing RPAA Support: Maintaining compliance with evolving requirements
Why Canadian MSBs and PSPs Choose ComplyFactor
Simple Approach
We don’t overcomplicate things. You need banking for your MSB or PSP, we find options that work. For PSPs, we also ensure your safeguarding accounts meet RPAA requirements.
Multiple Options
Instead of trying one bank and hoping, we present several viable options with clear terms.
Transparent Process
You see the commercial terms before deciding. No surprises or hidden requirements.
Complete Support
Whether you need basic introductions, RPAA safeguarding account setup, or full compliance overhauls, we handle it.
Types of Businesses We Support
Money Service Businesses (MSBs):
- Money Transmission: Domestic and international money transfers
- Foreign Exchange: Currency exchange services
- Cheque Cashing: Retail cheque cashing operations
- Digital Wallets: Electronic money services
- Cryptocurrency: Virtual currency operations
Payment Service Providers (PSPs):
- Payment Processing: Merchant payment services
- Digital Payment Platforms: Online payment solutions
- E-commerce Payment Gateways: Payment processing for online businesses
- Mobile Payment Services: App-based payment solutions
- Payment Aggregators: Multi-merchant payment platforms
PSPs require special safeguarding accounts under RPAA – we help set these up properly.
Banking Partners We Work With
We maintain relationships with various Canadian financial institutions that can serve both MSBs and PSPs:
- Major Banks: RBC, TD, BMO, Scotiabank, CIBC, National Bank
- Regional Banks: Smaller banks with MSB/PSP-friendly policies
- Credit Unions: Alternative options for specific business types
- Specialized Institutions: Banks focusing on financial services companies
Some institutions also offer RPAA-compliant safeguarding accounts for PSPs.
Getting Started is Easy
Step 1: Tell Us About Your Business
- Are you an MSB or PSP (or need to become one)?
- What type of services do you provide?
- Are you already licensed or need licensing?
- What banking services do you need?
- Do you need safeguarding accounts (PSPs)?
- What’s your current compliance status?
Step 2: We Research Your Options
- Identify suitable banking partners
- Gather commercial terms and requirements
- Prepare multiple options for your review
Step 3: You Choose, We Execute
- Review options and select preferred banks
- We facilitate introductions and applications
- Support you through the approval process
Realistic Timeline
If you’re already licensed and compliant:
- Banking options research: 1-2 weeks
- Bank introductions: 1-2 weeks
- Application process: 2-4 months
- Safeguarding account setup (PSPs): Additional 2-4 weeks
If you need licensing and compliance work:
- MSB license: 2-4 months
- PSP license: 3-6 months
- Compliance development: 1-3 months
- Banking applications: 2-4 months
- Safeguarding accounts (PSPs): Additional 2-4 weeks
Investment Required
Banking relationship only (licensed MSBs/PSPs):
- Our services: Contact for pricing
- Bank deposits: Varies by institution ($25K-$500K+)
- Safeguarding accounts (PSPs): Additional setup and maintenance costs
- Ongoing compliance: $2K-$10K monthly
Complete MSB/PSP setup:
- Licensing and compliance: Contact for quote
- Banking facilitation: Included in package
- Safeguarding account setup (PSPs): Included
- Ongoing support: Competitive monthly rates
What Makes Us Different
No Guarantees, Just Results We don’t promise what we can’t deliver. We find real options with real banks.
Multiple Paths One bank says no? We have others. We maximize your chances by presenting multiple viable options.
Upfront Transparency
You see the commercial terms before committing to any bank relationship.
Complete Service Range From basic introductions to complete MSB/PSP setup including RPAA safeguarding accounts – whatever you need.
Common Questions
Q: Do you guarantee banking approval? A: No one can guarantee bank approvals. We provide multiple viable options and professional support to maximize your chances.
Q: What’s the difference between MSB and PSP banking? A: MSBs focus on traditional money services. PSPs handle payment processing and need special safeguarding accounts under RPAA to protect customer funds.
Q: Do PSPs really need safeguarding accounts? A: Yes, it’s a regulatory requirement under RPAA. We help you set these up properly with the right banks.
Q: How many banking options do you typically present? A: Usually 2-4 viable options, depending on your business type and requirements.
Q: What if my compliance isn’t good enough? A: We’ll identify gaps and help upgrade your documentation to meet bank standards – whether it’s AML for MSBs or RPAA requirements for PSPs.
Q: Can you help with ongoing banking relationships? A: Yes, we provide ongoing compliance support and banking relationship management.
Ready to Get Started?
Contact ComplyFactor today:
Whether you need simple banking introductions, RPAA safeguarding account setup, or complete MSB/PSP licensing, we’ll find the right solution for your Canadian business.
What to have ready when you call:
- Description of your MSB or PSP services
- Current licensing status
- Banking requirements (including safeguarding if PSP)
- Compliance status
We’ll provide a clear path forward with realistic timelines and transparent pricing.
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