MSBs in Canada

A money services business is a person or entity engaged in the business of:

  • Foreign exchanges.
  • Remitting or transmitting funds by any means or through any individual, entity or electronic funds transfer network.
  • Issuing or redeeming money orders, traveller’s cheques or other similar negotiable instruments.

Less formal methods of funds transfers, such as through hawaladars, are included in the concept of money services business if they provide those services as a business.