Money services business

A regulated category of financial business that transfers funds, exchanges currency or deals in virtual currency without being a bank. In Canada an MSB registers with FINTRAC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

A registered MSB must maintain a compliance programme with a designated compliance officer, verify customer identity, confirm beneficial ownership, monitor transactions, report suspicious and prescribed transactions, and keep records for at least five years (FINTRAC, checked September 2026).

An MSB is not a bank. It does not take deposits, and customer funds are safeguarded rather than deposited. Trillioni Pay Inc. is a Canadian FINTRAC-registered money services business.