Free training Free 1-hour training on the new FINTRAC expectations under Bill C-12, followed by live Q&A. Available on-demand and virtually across Canada, or in person in the GTA.
BriteBase
Industry primers

Canadian AML compliance primers, by industry

Three industry-specific reference primers for Canadian reporting entities under the PCMLTFA: money services businesses (MSBs), payment service providers (PSPs), and virtual asset service providers (VASPs). Each primer covers the regulatory framework, the five program pillars as that industry operates them, the reporting obligations, sanctions screening, the technology stack, and the in-house expertise required.

By BriteBase Compliance Team · Reviewed June 2026

For Canadian MSBs

MSB compliance primer

For Canadian firms engaged in foreign exchange dealing, remittance, money transfer, issuance of money orders, or dealing in virtual currency for the public, captured under section 5(h) of the PCMLTFA.

12 min read · Updated June 2026

  • FINTRAC MSB registration and renewal
  • The five program pillars as MSBs operate them
  • KYC identification thresholds (CAD $1,000 / $3,000)
  • STR, LCTR, EFTR, LVCTR, TPR obligations
  • SEMA, JVCFOA, UN Act, and OSFI sanctions screening
  • The MSB compliance technology stack
Read the MSB primer
For Canadian PSPs

PSP compliance primer

For Canadian firms providing payment functions under the Retail Payment Activities Act and (where applicable) money services business activity under the PCMLTFA. The dual-regime guide.

12 min read · Updated June 2026

  • Bank of Canada RPAA registration alongside FINTRAC MSB
  • The five RPAA payment functions
  • The on-behalf-of merchant complication
  • Merchant KYB onboarding and ongoing monitoring
  • Sanctions screening at three levels (merchant, transaction, end-user)
  • The PSP technology stack including RPAA operational risk controls
Read the PSP primer
For Canadian VASPs

VASP compliance primer

For Canadian firms exchanging, transferring, or custodying virtual currency for customers, captured as money services businesses under the PCMLTFA. The crypto-firm guide.

13 min read · Updated June 2026

  • FINTRAC MSB registration for virtual currency dealers
  • The Travel Rule (CAD $1,000) and LVCTR (CAD $10,000)
  • IVMS 101 protocols (TRP, OpenVASP, TRISA)
  • Unhosted wallet due diligence and customer attestation
  • Wallet-address screening, including OFAC SDN crypto addresses
  • Blockchain analytics and on-chain exposure analysis
Read the VASP primer

What is an industry compliance primer?

A BriteBase industry primer is a structured reference document for one Canadian reporting-entity class. Where a guide explains a topic (Bill C-12, the Travel Rule, CaaS), an industry primer is the operating manual for an industry. Each one covers the same six dimensions, tuned to that industry:

  1. Regulatory framework. Which Canadian law captures the firm, the registration requirement, and which regulators are involved.
  2. Program pillars. The five PCMLTFA pillars as that industry operates them, including the differences from the generic framework.
  3. Reporting obligations. Every report the firm has to file, with thresholds and filing deadlines, in a single table.
  4. Sanctions screening. The lists the firm has to screen against, at what level of the value chain, and how often.
  5. Technology stack. The capabilities a defensible program runs on, with integration points specific to the industry.
  6. In-house expertise. The roles a competent team includes, and how to scale them as the firm grows.

The primers are intended to be read end to end the first time, then used as a reference. They are not legal advice; firms with questions about classification or specific obligations should consult counsel with PCMLTFA experience.

Operating two of these at once?

The Canadian regulatory perimeter increasingly overlaps. A PSP that handles virtual currency for customers is also an MSB, and (where it deals in VC) a VASP. The primers are designed to be read together where the firm spans more than one category. If you would prefer a structured conversation, the free 1-hour AML training on Bill C-12 covers all three industries explicitly.

Back to all resources

Reading is useful. A conversation is faster.

Book a call and we will tell you, plainly, which primer applies to your firm and where your program stands today. No retainers. No hourly rates.

Prefer to talk now? Call 905-218-7088 or email info@britebase.ca

Cookies on britebase.ca

We use essential local storage to remember your preferences, such as this choice and whether you've dismissed our training notice. With your consent, we also use Google Analytics to understand how the site is used. We don't run advertising cookies.