Money Services Business (MSB) Licensing Experts — UK, Canada, US & Australia
Money services businesses require registration with AML supervisory authorities across each jurisdiction they operate in. We support MSB registrations in the UK, Canada, USA and Australia, and build the compliance frameworks their registrations demand.
Speak to an ExpertUnlike payment institution licences, most MSB registrations do not require minimum capital and can be obtained relatively quickly \u2014 particularly in Canada (6\u20138 weeks via FINTRAC) and the UK. In the USA, state-by-state Money Transmitter Licences add complexity, with requirements varying significantly across 50 states.
Licensing Jurisdictions
| Country | Regulator | Min. Capital | Timeline |
|---|---|---|---|
| UK — HMRC MSB | HM Revenue & Customs (HMRC) | None | Ongoing supervised |
| Canada | FINTRAC | None | 6–8 weeks |
| USA — FinCEN | Financial Crimes Enforcement Network | None | Immediate (online) |
| USA — State MTL (varies) | State banking regulators (50 states) | $5K–$1M+ varies | 3–24 months/state |
| Australia | AUSTRAC | None | 4–8 weeks |
| New Zealand | Financial Intelligence Unit (FIU) | None | 2–4 weeks |
UK — HMRC MSB Registration
In the UK, money services businesses must register with HMRC under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. HMRC acts as the AML/CFT supervisor for MSBs providing money transmission, currency exchange, cheque cashing or payment services that fall below the threshold for FCA authorisation. There is no capital requirement and no registration fee. However, HMRC conducts fit and proper assessments and requires firms to maintain a comprehensive AML/CFT compliance programme including risk assessments, customer due diligence procedures, transaction monitoring, suspicious activity reporting and staff training. We prepare the full registration, build the AML programme and support firms through HMRC supervision visits.
Canada — FINTRAC Registration
Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) requires all money services businesses operating in Canada to register. This includes firms providing foreign exchange, money transfers, issuing or redeeming money orders, or dealing in virtual currencies. Registration is typically completed within 6–8 weeks with no capital requirement and no registration fee. However, registered MSBs must implement a full AML/ATF compliance programme including a compliance officer, written policies and procedures, risk assessment, know-your-client measures, record keeping, transaction reporting and a two-year training cycle. We handle the full FINTRAC registration process and build compliance programmes that meet FINTRAC examination standards.
USA — FinCEN Registration & State Money Transmitter Licences
In the United States, MSBs must register with FinCEN at the federal level — this is an immediate online process with no capital requirement. However, most money transmission activities also require state-level Money Transmitter Licences (MTLs) from each state in which the firm operates. State requirements vary significantly: surety bond amounts range from $5,000 to over $1 million, application timelines range from 3 to 24 months, and some states require audited financial statements, detailed business plans and background checks on all principals. We manage multi-state MTL applications, coordinate with the NMLS licensing system, and build BSA/AML compliance programmes that satisfy both federal and state requirements.
Other Services
AML Programme Build
Full AML/CTF programme for your MSB operations and jurisdiction.
Financial Crime
Risk assessments, SAR procedures, HMRC/FINTRAC audit readiness.
Compliance Audit
Annual AML audit and supervision readiness review.
Regulatory Reporting
HMRC SARs, FINTRAC transaction reports, FinCEN CTR/SAR filings.
Compliance Support
Ongoing policy maintenance and regulatory change updates.
Training
Annual AML/CTF staff training — required for all registered MSBs.
Frequently Asked Questions
Yes, if you provide money transmission, currency exchange, cheque cashing or payment services in the UK. HMRC registration is required under the Money Laundering Regulations.
HMRC registration covers AML supervision only. FCA authorisation is required to provide regulated payment services. Many firms need both.
Typically 6–8 weeks. There is no capital requirement and no registration fee.
For most money transmission activities, yes — state-level MTLs are required in addition to FinCEN registration. Requirements vary significantly by state.
A written AML policy, risk assessment, customer due diligence procedures, transaction monitoring, suspicious activity reporting, staff training, and an independent audit.
‘They registered our business with FINTRAC and built our entire AML programme in under four weeks. The process was smooth and we were operational on schedule.’
— Operations Director, Canada MSB
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Speak to Our Team
Get in touch to discuss how we can support your regulatory and compliance needs.
info@regulatorycounsel.co.uk | 2 Frederick Street, London WC1X 0ND