How to Get Banking for Your Canadian MSB or PSP

Already Registered as an MSB or PSP? We'll Find You Banking Options

If you already operate a registered MSB or PSP in Canada and need banking relationships, here is how we help:

• 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 help you prepare the application and support you through it

What you get: multiple banking options tailored to your business type, clear commercial terms upfront (fees, minimums, requirements), and application support throughout the process.

Need Complete MSB or PSP Setup? We Handle Everything

Don't have an MSB or PSP registration yet? We can help you get set up from scratch:

• MSB Registration Application: complete FINTRAC registration process
• PSP Registration 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: special trust accounts to protect customer funds, RPAA-compliant policies and procedures, the right bank that offers safeguarding account services, and ongoing monitoring to ensure continued compliance with safeguarding requirements.

How we help: we research which banks offer safeguarding account services and share commercial terms, then help set up the proper trust account structures and meet RPAA safeguarding regulations, with ongoing support as requirements evolve.

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 to identify what's missing or insufficient; documentation updates to bring policies and procedures up to bank standards; training programs so your team understands requirements; and ongoing MLRO support (professional Money Laundering Reporting Officer services).

For PSPs: RPAA compliance review to ensure safeguarding and operational requirements are met; safeguarding documentation with proper policies for customer fund protection; compliant trust account structures; and ongoing RPAA support as requirements evolve.

💡 Pro tip. Banks assess your AML or RPAA compliance documentation as a core part of their onboarding decision for MSBs and PSPs. Weak policies, missing risk assessments, or inadequate KYC procedures can cause applications to stall or fail. Getting this right before you approach a bank saves time.

Why Canadian MSBs and PSPs Choose ComplyFactor

• Simple approach: we find banking options that work for your MSB or PSP. For PSPs, we also make sure 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 hidden requirements.
• Complete service range: from banking preparation to complete MSB/PSP setup, including RPAA safeguarding accounts.

Types of Businesses We Support

Money Service Businesses (MSBs): money transmission (domestic and international transfers), foreign exchange (currency exchange services), cheque cashing, digital wallets (electronic money services), and cryptocurrency (virtual currency operations).

Payment Service Providers (PSPs): payment processing (merchant payment services), digital payment platforms, e-commerce payment gateways, mobile payment services, and payment aggregators (multi-merchant payment platforms). PSPs require special safeguarding accounts under RPAA, and we help set these up properly. Businesses based outside Canada can start with our guide to Canadian MSB and PSP registration for foreign companies.

Types of Institutions We Consider

Institutions differ widely in how they treat MSB and PSP clients, and any of them can decline an application. We look at several types of institution:

• Major Banks: large national banks, where appetite for MSB and PSP clients varies
• 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 services do you provide? Are you already registered or do you need registration? What banking services do you need, including safeguarding accounts if you're a PSP? What is your current compliance status?

Step 2: We research your options. We identify suitable institutions, gather commercial terms and requirements, and prepare several options for your review where your business type allows.

Step 3: You choose, we support. Review the options, select your preferred bank(s), and we help you prepare the applications and support you through each institution's review.

What Affects Timelines

FINTRAC, the Bank of Canada and each bank set their own processing times, so we do not quote fixed durations. Contact us with your file and we will tell you what applies to your situation.

Investment Required

Banking relationship only (registered MSBs/PSPs): our services: contact for pricing; bank deposit requirements vary by institution; safeguarding accounts (PSPs) carry additional setup and maintenance costs; and ongoing compliance cost depends on program scope.

Complete MSB/PSP setup: registration and compliance: contact for quote; banking support is included in the package; safeguarding account setup (PSPs) is included; and ongoing support is available on request.

Common questions

Do you guarantee banking approval?

No one can guarantee bank approvals. We provide multiple viable options and professional support for each application, rather than putting all your effort behind a single application that may not succeed.

What's the difference between MSB and PSP banking?

MSBs focus on traditional money services (foreign exchange, remittances, cheque cashing, virtual currency) and are regulated by FINTRAC. PSPs handle payment processing and are additionally regulated by the Bank of Canada under RPAA, with a specific requirement to hold customer funds in RPAA-compliant safeguarding accounts.

Do PSPs really need safeguarding accounts?

Yes. It's a regulatory requirement under RPAA. PSPs must segregate customer funds in designated trust accounts to protect end users. Not all banks offer RPAA-compliant safeguarding accounts, so identifying the right institution is part of the process we manage for you.

How many banking options do you typically present?

It depends on your business type, services, compliance status, and banking requirements. We share commercial terms for each option so you can make an informed decision before committing to any application.

What if my compliance documentation isn't good enough?

We'll identify the gaps and help upgrade your documentation to meet bank standards, whether that's AML program deficiencies for MSBs or RPAA compliance requirements for PSPs. Banks assess your compliance framework as part of onboarding, so getting this right before you apply is essential.

Can you help with ongoing banking relationship management?

Yes. We provide ongoing compliance support and banking relationship management, including MLRO services, AML program maintenance, RPAA safeguarding compliance, and support through any bank-initiated reviews or compliance queries.

Ready to get started? Whether you need banking preparation, RPAA safeguarding account setup, or complete MSB/PSP registration, have your description of services, current registration status, banking requirements, and compliance status ready. We'll then provide a clear path forward and a quote.