Markets
Compliance and operations support for Canadian fintechs and MSBs
We help Canadian money services businesses and payment service providers meet FINTRAC requirements, prepare for examinations and get ready for retail payments supervision.
Key authorities
FINTRAC
Bank of Canada
FCAC
Provincial regulators
Overview
Operating a fintech in the Canadian market
Canadian MSBs must register with FINTRAC and maintain a compliance programme under the PCMLTFA, including a compliance officer, written policies, risk assessment, training and a two-year effectiveness review. Reporting obligations include suspicious transaction, large cash and electronic funds transfer reports.
Payment service providers also face the Retail Payment Activities Act, supervised by the Bank of Canada, with requirements for operational risk management and safeguarding of funds. Hilix helps businesses meet both regimes with practical controls and clear evidence.
Regulators
Who supervises fintechs in the Canadian market
Key obligations
What we help you meet
We translate these requirements into day-to-day controls, evidence and reporting.
- FINTRAC MSB registration and renewal
- PCMLTFA compliance programme and compliance officer
- Risk assessment, policies and training
- Two-year compliance effectiveness review
- Suspicious transaction, large cash and EFT reporting
- Ministerial directives and sanctions screening
- Retail Payment Activities Act readiness
- Record keeping and travel rule requirements
Recommended services
Popular services for fintechs in the Canadian market
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Independent file testing and control reviews that show exactly where you stand and what to fix first.
Regulatory Reporting Support
Data preparation, review and calendars for periodic returns, threshold reports and other regulatory submissions.
Suspicious Activity Reporting (SAR/STR)
Internal referral, investigation and SAR/STR drafting processes that give your MLRO clear, well-evidenced reports.
Fintech Licensing Support (EMI, PI, MSB)
Application preparation for EMI, payment institution and MSB licences and registrations across the UK, EU, US and Canada.
Regulatory Readiness & Gap Assessment
Gap assessments, evidence packs and remediation tracking that prepare you for regulators, audits and partner reviews.
FAQ
Canada: common questions
Can you perform our two-year effectiveness review?
Yes. Our independent reviewers assess your programme and report findings and remediation.
Do you help with FINTRAC reporting?
Yes. We support processes and preparation for STRs, LCTRs and EFT reports.
Are you ready for RPAA requirements?
We help payment service providers prepare operational risk and safeguarding frameworks for RPAA supervision.