Why is Telpay required to collect my business information for FINTRAC?

In consultation with FINTRAC, Telpay has been deemed as a Money Service Business (MSB). An MSB is a business that transfers funds from one individual or entity to another using an electronic funds transfer network.

Telpay is registered as a Money Service Business (MSB) and as part of our FINTRAC regulatory obligations, all MSBs providing similar services in Canada are required to verify their client’s business, including its owners and directors. Therefore, any company that is applying for Telpay for Business payment service will need to complete and return a FINTRAC Information Record Form before the application can be approved.