Harrison provided great insight into the industry and helped us get our business off the ground. He helped us organize and prepare our application and continues to help us whenever we reach out with questions. He always replies promptly and is very knowledgeable. We would highly recommend Harrison!
Fintech & Payments Lawyer
Substance Law is Canada’s law firm for the Fintech, Payments and Money Services Businesses (MSBs) industries, helping companies in those sectors navigate federal and provincial compliance.
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Canada's Law Firm For Regulated Substances
Regulatory Compliance for MSBs, FINTRAC, RPAA & Payments Businesses
Substance Law is Canada’s law firm for the Fintech, Payments and Money Services Businesses (MSBs) industries, helping companies in those sectors navigate federal and provincial compliance. We assist startups and established companies with licensing, FINTRAC registration, RPAA (Retail Payment Activities Act) compliance, AML/ATF program design, audit support, and government submissions. Whether you’re launching a payment platform, crypto exchange, remittance business, prepaid program, or payment processor, our lawyers provide the legal structure and regulatory strategy you need to operate legally and confidently in Canada.
Legal Opinion Letters for FINTRAC MSBs, RPAA PSPs, and Crypto Companies
Legal opinion letters are a critical component for fintech businesses operating in regulated environments, including FINTRAC-registered money services businesses (MSBs), payment service providers (PSPs) subject to the Retail Payment Activities Act (RPAA), and cryptoasset platforms. These opinions are frequently required by banks, payment processors, investors, and counterparties to confirm that a business model complies with Canadian anti-money laundering laws, registration requirements, and evolving regulatory frameworks. Our firm provides tailored legal opinions that assess whether your activities trigger FINTRAC registration, satisfy RPAA obligations, or engage securities or derivatives regulation, helping you de-risk onboarding, maintain access to financial services, and demonstrate regulatory credibility in a landscape where non-compliance can result in significant penalties or loss of registration.
MSB Registration & Licensing (Canada)
Businesses that deal in virtual currency, foreign exchange, money transfers, payment processing or remittances may require Money Services Business (MSB) registration with FINTRAC. Substance Law:
- Determines whether your activity triggers MSB registration
- Prepares and files MSB applications and amendments
- Drafts required AML/ATF policies and compliance manuals
- Assists with Beneficial Ownership, KYC, reporting obligations, and risk program requirements
- Advises on cross-border MSB operations and non-resident MSBs serving Canadians
FINTRAC Compliance & AML/ATF Programs
FINTRAC enforces strict reporting, recordkeeping and monitoring duties for MSBs and payment businesses. Substance Law assists companies with:
- AML/ATF Compliance Programs & officer designation
- Large transaction & suspicious activity reporting
- Ongoing training and annual effectiveness reviews
- Risk assessments, audits, and responding to FINTRAC inquiries
- Help preparing for compliance examinations
We provide practical frameworks that reduce regulatory risk while ensuring operational reality aligns with FINTRAC expectations.
RPAA – Retail Payment Activities Act Compliance
With the introduction of the Retail Payment Activities Act (RPAA) and the Bank of Canada’s payment oversight regime, many fintechs and payment processors must register, report, and implement risk-management programs. Substance Law assists with:
- RPAA registration and legal guidance
- Operational risk and safeguarding requirements
- Policies for incident response, reporting, and data protection
- Compliance reviews for payment facilitators, PSPs, wallets, paytechs, and embedded finance providers
Fintech, Crypto, & Payments Law
Our lawyers work with emerging and regulated businesses, including:
- Payment processors and gateways
- E-wallets, fintech apps and neo-banks
- Crypto exchanges and custodial platforms
- Prepaid and stored value programs
- Remittance & virtual asset service providers (VASPs)
- Cross-border payments and foreign MSBs entering Canada
We ensure business models align with Canadian law before launching or scaling operations.
Government Applications, Licensing & Legal Opinions
- Business incorporation & corporate structuring
- Regulatory licensing (MSB, provincial equivalents, money lending)
- Legal opinions for banks, auditors, and payment partners
- Competition law and advertising compliance
- Contract drafting: agents, ISOs, processors, technology vendors, partners
Why Fintech & MSB Clients Choose Substance Law
- Experienced regulatory lawyers focused on commercial compliance
- Direct guidance from a law firm rather than consultants
- Clear, predictable billing options
- Full support from startup to scale
Contact a Payments & Fintech Lawyer in Canada
If you operate a payments platform, MSB, fintech startup, crypto exchange or money transfer business in Canada—or are entering the Canadian market—Substance Law can assist with applications, compliance, legal opinions, and regulatory strategy.
Contact us today to learn how we can assist you.
If your business needs hands-on help with RPAA registration, safeguarding frameworks, or an enforcement matter, our RPAA lawyers can guide you through the process.
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Canada's Law Firm For Regulated Substances
