The Canadian government states that MSBs must get this license to comply with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and related regulations. This procedure is required to prevent money laundering and terrorist funding in the nation.
Tier Money claims that the decision to move to Canada was taken because of the high concentration of immigrants and businesses engaging in cross-border payments.
Canada has the most significant proportion of immigrants within the G7 (the world’s seventh biggest economy), at 21.5% or 8.1 million migrants, compared to a population of 37.6 million.
Canada has one of the world’s largest money transfer markets. According to the World Bank 2020 Report, migrant and international workers in Canada send approximately $24 billion (US dollars) home each year. China ($4.1 billion), India ($2.9 billion), the Philippines ($2.4 billion), France ($1.3 billion), and Italy ($1.1 billion) are the top five recipients of money transfers from Canada.
According to the World Bank 2020 Report, Canadians also get $1.3 billion in money transfers. The top five markets contributing the most to Canada are the United States ($879 million), the United Kingdom ($92 million), Australia ($47 million), Italy ($27 million), and France ($25 million).
The business chief executive officer, Michael Nyananyo, stated that “security, openness, and compliance are keystones of the organization.” As a registered MSB under FINTRAC, we are proving our industry-leading capabilities and commitment to collaborating with authorities to grow our cross-border service.
About Tier Money
Tier Money provides FX conversion, virtual cards, and multi-currency accounts to individuals & small businesses, enabling them to make cross-border payments using local rails.