Foreign Exchange MSB Permission Canada | FX Dealing License
The foreign exchange (FX) dealing permission authorizes a Canadian MSB to engage in retail FX dealing — buying, selling, or exchanging currencies between currency pairs. Always 10+ FINTRAC-registered MSBs in stock with this permission included — alongside all 5 other permissions.
What This Permission Lets You Do
- Operate a Canadian FX brokerage
- Provide currency exchange services to retail or business customers
- Run a foreign exchange kiosk or storefront
- Offer corporate FX services
- Provide FX as part of a broader payment platform
What This Permission Does NOT Cover
- Money transfer / remittance (separate permission required)
- Holding customer FX balances in accounts (triggers RPAA)
- Acting as an FX derivatives dealer (CSA + provincial regulator territory)
Compliance Requirements
- Customer ID & verification (KYC)
- LCTR (Large Cash Transaction Report) for cash transactions ≥$10,000 CAD
- Suspicious transaction reporting
- Full AML compliance program
- 5-year record retention
Frequently Asked Questions
Do online FX platforms need this permission?
Yes, if they serve Canadian customers and engage in actual FX dealing (buying/selling currency). Pure FX information sites or rate aggregators don’t need MSB registration. Platforms holding customer FX balances need RPAA in addition.
Is this the same as forex/CFD trading?
No. FX dealing under MSB covers spot currency exchange. Forex/CFD trading (with leverage, margin) falls under CSA + provincial securities regulation, requiring different registration (Investment Industry Regulatory Organization of Canada — IIROC, now CIRO).
Can I buy an MSB with FX permission already?
Yes. All our ready-made MSBs include all 6 permissions including FX dealing. Browse inventory.
What’s LCTR?
Large Cash Transaction Report — FINTRAC’s reporting requirement for cash transactions of $10,000 CAD or more (or equivalent in foreign currency). Must be filed within 15 days.
Do I need RPAA in addition to FX permission?
Only if you hold customer FX balances in payment accounts. Pure same-day spot FX brokerages with no balance-holding may avoid RPAA, but most modern FX platforms benefit from RPAA registration. RPAA guide.
