MSB and money transmission: FinCEN, US States and FINTRAC
Transferring money for clients, exchanging currencies or virtual assets often places a company in the money services business category. In the United States and Canada the regime works on two levels: a registration, and sometimes licences.
Published on 3 November 2026 · Jason Pivron, director
United States: the federal FinCEN registration
The federal FinCEN registration is the first step. It requires no federal capital, and FinCEN charges no registration fee. It is renewed every two years, by 31 December of the second calendar year (31 CFR 1022.380).
The federal registration does not replace State licences: it comes before them. Our FinCEN service does not include those licences.
State licences: the real burden
In most States, transmitting money requires a money transmitter licence issued by the State itself. Each State sets its surety bond, net worth and liquidity. The licence is renewed every year on NMLS, from 1 November to 31 December in most States; if not renewed, it expires.
Serving the whole country means a multi-State programme: a first batch of priority States, then a timetable and government fees State by State, with bonds and net worth that add up.
Canada: FINTRAC
In Canada, MSB registration with FINTRAC sets no capital and FINTRAC charges no registration fee; anti-money-laundering compliance is included in our file. A foreign company directing its services at Canada falls under foreign MSB registration.
In both cases the registration is valid for two years and is renewed before it expires.
United Kingdom: FCA and HMRC
In the United Kingdom, money transmission goes through the FCA for payments, and through HMRC for the anti-money-laundering supervision that applies. The FCA authorisation has no expiry; the HMRC registration, where it applies, requires an annual declaration and fee.
Why these licences are on request
Currency exchange and money transmission licences are on request: the cost depends on the number of States or countries, the bonds and the model. The quote is firm before signature, government fees included; the bond and the capital remain the company's own.
Everything starts with a free 20-minute call. The other licences of the family, in the United Arab Emirates or Australia among others, are on the licences page. Nothing here is legal advice: every model is qualified case by case.
Frequently asked questions
Is a FinCEN registration enough to transmit money in the United States?
No: it comes before the State licences that most States require to transmit money. Each State sets its bond, net worth and liquidity.
How long is a FinCEN registration valid?
It is renewed every two years, by 31 December of the second calendar year.
Does a money transmitter licence need renewing?
Yes, every year on NMLS, from 1 November to 31 December in most States; if not renewed, it expires.
How long is a FINTRAC registration valid?
Two years; it is renewed before it expires, for a Canadian MSB as for a foreign MSB.