Compliance is the product, not the paperwork
Money services businesses in Canada are regulated because moving value across borders is a point of risk. Our compliance program exists to keep that risk managed — and to give your finance team records that hold up.
Registered with FINTRAC
Money Services Business — Registration No. N300000871
FINTRAC registration is not a licence and does not imply endorsement by FINTRAC or the Government of Canada. Registration means we are enrolled in Canada's anti-money-laundering and anti-terrorist-financing regime and are subject to its obligations.
Verify our registration yourself
FINTRAC publishes a searchable registry of every registered money services business in Canada. Search our legal entity name or registration number and confirm the services we are registered to provide.
Look up MUSETECH DEVELOPMENT LIMITED in the FINTRAC Money Services Business Registry at fintrac-canafe.canada.ca. Registered services shown in the registry: foreign exchange dealing, money transferring and payment service provider.
What our compliance program requires
Appointed compliance officer
A named individual is responsible for administering the program, keeping it current with regulatory change and reporting to senior management on its effectiveness.
Written policies & procedures
Documented AML/ATF policies covering verification, monitoring, reporting, record-keeping and the handling of high-risk relationships and jurisdictions.
Risk assessment
An assessment of money laundering and terrorist financing risk across our products, corridors, client types and delivery channels, reviewed as the business changes.
Ongoing training
Staff complete AML/ATF training on a scheduled cycle so that the people handling your transactions know what to look for and what to escalate.
Independent review
The program is reviewed on a two-year cycle by an independent party, with findings reported to senior management and remediated.
Record keeping
Client identification, transaction and correspondence records are retained for the periods required under Canadian law and produced to FINTRAC on request.
What we ask for, and why
Identity, ownership, purpose
Before an account is opened we establish who the client is, who ultimately owns or controls it, and what the relationship is for. That is a legal requirement for a Canadian money services business — and it is also the reason our account holders are not surprised by a request for documents later.
Depending on your entity type we ask for incorporation or registration documents, director and beneficial ownership identification, and information about your business activity and expected transaction profile. Where a client is acting for a third party, we establish that relationship too.
Once the account is open, transactions are monitored against the profile you gave us. Amounts, corridors or patterns that fall outside it are reviewed and, where the law requires it, reported. We may contact you for supporting documentation on a specific transaction; that is a normal part of the program, not a signal that anything is wrong.
Identity verification
Government-issued identification for directors and beneficial owners, verified using authentic, valid and current documents.
Entity verification
Certificate of incorporation, business number, registered address and confirmation of the nature of your business.
Sanctions screening
Clients and counterparties are screened against applicable Canadian and international sanctions lists before transactions are released.
Reporting obligations
Large cash transactions, suspicious transactions and certain wire transfers are reported to FINTRAC within statutory deadlines.
Questions or concerns
If you have a question about our compliance program, need to provide updated client information, or want to raise a concern about a transaction, contact us at [email protected] or +1 778-651-5544. Written enquiries can be sent to our registered office at 200A-4185 Still Creek Drive, Burnaby, BC V5C 6G9, Canada.
Concerns about a money services business operating in Canada can also be raised directly with FINTRAC through the contact channels published on its website.
Open an account
Onboarding starts with a short conversation about what you need to move and where. We will send you the document checklist that applies to your entity type.