Money Service Businesses face complex compliance requirements with multiple transaction types, customer verification needs, and strict reporting deadlines. Comply+ simplifies FINTRAC reporting for MSBs of all sizes, from single-location operations to multi-branch enterprises handling thousands of transactions monthly.
Handle all MSB transaction types including money transfers, currency exchange, and remittances with automated LCTR, LVCTR, EFTR, and STR detection and submission. Our system automatically identifies reportable transactions across cash, virtual currency, and electronic funds transfers, ensuring nothing falls through the cracks.
Integrate with KYC providers like SumSub to automatically populate customer information and maintain complete records for compliance audits. Streamline client onboarding and verification while maintaining comprehensive documentation required for FINTRAC examinations and regulatory reviews.
Scale your MSB operations without increasing compliance overhead. Automate reporting workflows to handle growth from hundreds to thousands of transactions per month. Whether you're processing remittances, currency exchanges, or virtual currency transactions, Comply+ grows with your business.
Money Service Businesses must file four main report types to FINTRAC under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Understanding these requirements is critical for maintaining compliance and avoiding penalties.
Required for cash transactions of $10,000 or more CAD in a single transaction or multiple transactions totaling $10,000+ within 24 hours from the same individual or entity.
Deadline: Within 15 days of the transaction
Required for virtual currency transactions valued at $10,000 or more CAD (single transaction or multiple adding up over 24 hours). Introduced in 2021 as Canada expanded AML rules to cover virtual currency.
Deadline: Within 5 working days
Required for international wire transfers of $10,000 or more (to or from foreign countries). Domestic EFTs within Canada are NOT reportable.
Deadline: Within 5 working days
Required when there are reasonable grounds to suspect a transaction is related to money laundering or terrorist financing. No dollar threshold—suspicion-based, not amount-based reporting.
Deadline: As soon as possible after confirming suspicion
MSB Transaction Types: Money Service Businesses handle various transaction types including money transfers, currency exchange, remittances, and virtual currency exchanges. Each transaction type may trigger different reporting requirements, making automated detection and classification essential for compliance.
FINTRAC enforcement is intensifying. Recent penalties against MSBs demonstrate that compliance failures result in significant financial consequences, with proposed Bill C-2 potentially increasing maximum penalties to $20 million for entities.
FINTRAC has imposed significant Administrative Monetary Penalties (AMPs) on MSBs for compliance failures. These cases highlight the critical importance of maintaining effective compliance programs and timely reporting.
December 2025 — Toronto, Ontario
Multiple compliance failures including no effective compliance regime, no proper risk assessment, and failures to submit EFT and LCT reports.
Read case studyDecember 2025 — Foreign MSB (Seychelles)
Failed to submit STRs for transactions with exposure to darknet marketplaces, sanctioned entities, and child sexual abuse material.
Read case studyOctober 2025 — British Columbia
2,593 violations including 1,068 unreported STRs, 1,518 unreported LVCTRs, and failure to comply with Ministerial Directive on Iran.
Read case studySeptember 2025 — Foreign MSB (Seychelles)
Unregistered foreign MSB, 2,952 unreported LVCTRs, and 33 unreported STRs linked to darknet marketplaces and illicit chemical trade.
Read case studyUnder proposed Bill C-2 (tabled June 2025), maximum Administrative Monetary Penalties would increase dramatically:
FINTRAC's enforcement activity has reached record levels:
Money Service Businesses face unique compliance challenges that require specialized solutions and automated processes to manage effectively.
MSBs process hundreds or thousands of transactions daily, making manual detection of reportable transactions impractical. Automated systems are essential to identify LCTRs, LVCTRs, and EFTRs accurately and consistently.
MSBs handle cash transactions, virtual currency exchanges, and electronic funds transfers—each with different reporting thresholds and deadlines. Managing these diverse requirements requires sophisticated detection and classification systems.
International money transfers require EFTR reporting and involve complex compliance considerations including sanctions screening, enhanced due diligence, and multi-jurisdictional regulatory requirements.
MSBs serve diverse client bases including underbanked populations, requiring robust KYC processes while maintaining efficient operations. Balancing compliance with customer experience is a constant challenge.
Identifying suspicious transactions requires understanding FINTRAC risk indicators and drafting detailed narratives. This time-intensive process benefits significantly from AI-powered detection and narrative generation tools.
MSBs operating across multiple locations must ensure consistent compliance practices, centralized reporting, and location-specific transaction tracking. Coordination and standardization are critical for maintaining compliance.
From batch uploads to direct FINTRAC submission — everything you need in one platform
Submit reports directly to FINTRAC securely. No need to log in to the FINTRAC website — everything is handled within Comply+.
For fully connected databases, enable autopilot for automatic submission of LCTRs, LVCTRs, and EFTRs. Our proprietary aiSTR™ technology handles suspicious transaction detection, requiring manual review only for STRs.
For non-connected databases, upload a CSV of transactions. Automatically detect required reports and generate draft LCTRs, LVCTRs, EFTRs, CDRs, and STRs with AI-powered analysis for faster, more accurate detection.
Our proprietary aiSTR™ technology automatically flags high-risk transactions and drafts narratives aligned with FINTRAC risk indicators. You retain full control with manual overrides and flexible selection during batch processing.
Maintain complete customer and location data with direct integrations to providers like SumSub, with more coming online soon. Reports auto-populate with existing records, while prompts ensure any missing information is captured.
Create and save draft reports — including AI-generated STR narratives — for later completion. Work at your own pace with automatic data preservation.
Add STR extensions to existing reports (LCTR/LVCTR/EFTR/CDR) with one click. Fill only additional fields — no separate forms.
Risk Detection Settings
Recommended STR filing
Advanced risk flagging via AI. Machine learning flags suspicious transaction patterns — reducing false positives and helping teams act faster on STRs.
Direct Slack integration for no login STR review/submissions
Maximize risk detection with custom set, and AI-driven risk indicators
Set your risk indicator weightings, or let aiSTR optimize detection
Generate higher accuracy through reinforced learning
Watch us process transactions, demonstrate aiSTR™ detection technology, and show autopilot mode for connected databases.
Upload CSV or connect database - watch automatic detection
See AI-powered suspicious transaction detection in action
Experience fully automated FINTRAC submissions
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