What we do
- Research multiple banking options tailored to your MSB or PSP type and share commercial terms upfront — no surprises.
- Handle complete MSB and PSP setup from scratch: FINTRAC registration, RPAA registration, AML/ATF compliance framework, and banking.
- Set up RPAA-compliant safeguarding accounts for PSPs required to hold customer funds in trust.
- Upgrade AML or RPAA compliance documentation that isn't meeting bank standards — gap analysis through to implementation.
Already Have an MSB or PSP Licence? We'll Find You Banking Options
If you already operate a licensed 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 introduce you to the bank and support the application
What you get: multiple banking options tailored to your business type, clear commercial terms upfront (fees, minimums, requirements), direct introductions to the right bank contacts, and application support throughout the process.
Need Complete MSB or PSP Setup? We Handle Everything
Don't have an MSB or PSP licence yet? We can help you get set up from scratch:
- MSB Licence Application — complete FINTRAC registration process
- PSP Licence 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 ensure full compliance with 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 programmes to ensure 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 are among the most common reasons applications stall or fail. Getting this right before you approach a bank — not after — saves months.
Why Canadian MSBs and PSPs Choose ComplyFactor
- Simple approach — 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. One bank says no? We have others.
- Transparent process — you see the commercial terms before deciding. No surprises or hidden requirements.
- Complete service range — from basic introductions to complete MSB/PSP setup including RPAA safeguarding accounts, whatever you need.
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 — 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
- Specialised 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 licensed or do you need licensing? 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 banking partners, gather commercial terms and requirements, and prepare multiple options for your review — typically two to four viable options depending on your business type.
Step 3 — You choose, we execute. Review the options, select your preferred bank(s), and we facilitate introductions, applications, and support you through the approval process.
Realistic Timelines
| Stage | Already Licensed & Compliant | Needs Licensing & Compliance |
|---|---|---|
| MSB licence | — | 2–4 months |
| PSP licence | — | 3–6 months |
| Compliance development | — | 1–3 months |
| Banking options research | 1–2 weeks | 1–2 weeks |
| Bank introductions | 1–2 weeks | 1–2 weeks |
| Application process | 2–4 months | 2–4 months |
| Safeguarding account setup (PSPs) | Additional 2–4 weeks | Additional 2–4 weeks |
Investment Required
Banking relationship only (licensed MSBs/PSPs): our services — contact for pricing; bank deposits vary by institution ($25K–$500K+); safeguarding accounts (PSPs) carry additional setup and maintenance costs; and ongoing compliance runs $2K–$10K monthly depending on programme scope.
Complete MSB/PSP setup: licensing and compliance — contact for quote; banking facilitation is included in the package; safeguarding account setup (PSPs) is included; and ongoing support is available at competitive monthly rates.
Common questions
Do you guarantee banking approval?
What's the difference between MSB and PSP banking?
Do PSPs really need safeguarding accounts?
How many banking options do you typically present?
What if my compliance documentation isn't good enough?
Can you help with ongoing banking relationship management?
Ready to get started? Whether you need simple banking introductions, RPAA safeguarding account setup, or complete MSB/PSP licensing — have your description of services, current licensing status, banking requirements, and compliance status ready, and we'll provide a clear path forward with realistic timelines and transparent pricing.
ComplyFactor is a specialist AML and regulatory compliance advisory firm working exclusively with MSBs, PSPs, fintechs, and VASPs across Canada's FINTRAC framework. Our advisors hold CAMS certification and bring direct FINTRAC examination experience to every engagement.
