Every business needs an identity. A secure platform for business transactions. Accordingly, It needs a complete registration. Following are few steps of registration:
- You have to complete the pre-registration form. Where you need to submit your business information, either it is a corporation, sole proprietor, or partnership based business.
While, after the completion of pre-registration form, the company will contact you within 5 days with ID and password.
- You need to sign in MSB registration system with ID and password provided by the company. (MSB registration is a system where business is described by the owner that transmits or converts money).
- MSB registration includes 4 sections: home page, navigation through MSG registration form, submitting your form to FINtrac and you will receive notification messages, definition, etc.
- After the submission of the MSB form, you need to complete other information:
- Your bank account information
- Complete information about compliance officer
- You employees number
- Business structure
- Information of senior management of MSB
- Complete information about your branch and Canadian MSB agent.
- Total expected expense including the fees
Meanwhile, Company will take 14 days for the verification. If the company rejects your form, there is nothing more for you. On the other hand, if you get the approval, you will proceed to the next step which involves:
- Your approval notice and registration number
- Clarification request (if you didn’t respond this section on time, you may assess penalties). The clarification request includes (sign in with MSB then, follow the instruction about response to clarification strength then, review the information and at the end, check your details, once you submitted your form, you will have done with your work)
Following are some Criminal Penalties:
- In case of a suspicious transactions, the penalty is up to $2 million and/or 5 years imprisonment.
- In case of a large cash transaction or an electronic funds transfer, the penalty is up to $500,000 for the first offense and $1 million for subsequent offenses.
- If you fail to meet with record requirements the penalty can go up to $500,000 and/or 5 years of imprisonment.
- During the examination of the compliance, if you fail to provide information, the penalty will be up to $500,000 and/or 5 years imprisonment.
- Disclosing the facts or suspicious transactions: the penalty is up to 2 years of imprisonment.
What is The Penalty In Case of Violation?
At minor violations, the penalty starts from $1 dollar to $1000, depending on the violation nature.
- At serious violation, the penalty goes from $1 to $100,000,
- The extremely serious violations may see your penalty going from $1 to $100,000
Third, These penalties are applied according to the Canadian act “Proceeds of Crime and Terrorist Financing Act”.
→ A company with the negative background will be not registered with MSB.
What Are The Documents Required for The Registration:
When you are going to register your business with FINtrac, the following are the documents required at the time of registration.
- Bank statement
- Driving license
- Passport details
- Birth certificate
You may also need to provide other documents on demand.
How to Contact FINtrac?
If you want to know more details about your registration, you have an option to visit the site. In addition, you can directly contact the Financial Transactions and Reports Analysis Center of the Canada. The address is:
24th floor, 234 Laurier Avenue West
Ottawa, ON K1P 1H7, Canada
Contact number: 1-866-346-8722