Licenses for financial activities (MSB, AEMI)

Are you planning to develop a business related to money transfers and other currency transactions? In this case you need to obtain a license.

Who may need a financial license:

  1. startups launching a fintech project;
  2. entrepreneurs with their own payment system;
  3. businessmen opening currency exchangers;
  4. representatives of the e-commerce sector.

Licensing of financial activities of the company is necessary if the work will be associated with:

  • conducting transactions, exchanging one currency for another;
  • cashing traveler's checks in another currency;
  • electronic money transfers;
  • merchant acquiring via POS terminal;
  • transfers of digital currencies from client to recipient.

Basic Steps

Stages of obtaining a financial license:

  1. Study of the client's case, goals, planned results;
  2. selection of a financial license for the client's request;
  3. Preparation of documents for company registration;
  4. incorporation of the company in Canada or the UK, including sabstens and hiring a local secretary;
  5. developing a business plan;
  6. completing AML and KYC policies and procedures;
  7. obtaining SWIFT and LEI numbers;
  8. opening a corporate bank account;
  9. installation of third party service provider banking software with testing and integration if required;
  10.  licensing of the company's financial activities (MSB/AEMI).

We help resolve a variety of issues:

  1. resolve complex legal and bureaucratic situations that a client may face;
  2. comply with all regulatory requirements after obtaining a license;
  3. we alert you to changes in legislation and promptly prepare documents or reports that need to be submitted to regulators.

What documents are required to obtain a license to carry out financial activities?

To pass the licensing of financial activities of the company, you should submit:
  • constituent documents;
  • an application for a financial license;
  • a business plan describing the financial services you are going to provide;
  • information about the ultimate beneficiaries, directors, AML-manager, bank accounts, organizational structure;
  • a document confirming the physical address of the office in the jurisdiction;
  • an estimate of the annual volume of transactions;
  • a risk tracking and prevention scheme (compliance with mandatory AML/CTF and KYC rules).

Financial license processing timeframe

It will take 3 to 5 months to license a company's financial activities in Canada (MSB license). The processing time for a UK AEMI license varies from 6 to 15 months.

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