Licence Application Details
When we receive a business licence application from a money-services business (MSB), we begin an inspection process to determine whether the business meets certain requirements.
As part of this process, we check the information in the prescribed forms and any documents submitted with them. We also do a background check on the MSB and any person associated with it.
A person or entity is only authorized to operate an MSB once we have issued a licence.
Any person or entity that contravenes this obligation is operating an MSB illegally, and is therefore liable to fines under the Money-Services Businesses Act.
This page explains the steps for applying for and issuing an MSB licence.
The person responsible for the licence application must:
Step 1: complete form SM-3-V
- Information about the money-services business
Enter the requested information about the MSB.
- Activities of the money-services business
Specify which money services the business offers.
Provide a detailed description of the MSB's activities and explain how the money services it offers fit into its everyday activities.
- Background of the money-services business
Enter the requested background information for the MSB.
- Information about employees whose duties are unrelated to the offer of money services
Complete this part of the form for each employee who does not contribute to an activity related to the offer of money services.
If you are applying for a licence exclusively for the operation of automated teller machines (ATMs), you are not required to complete this part of the form.
- Information about establishments
If the MSB has more than one establishment or branch, provide the address of each one. Do not reenter information you provided in Part 1 of the form.
- Information about financial institutions
Enter the requested information for all the financial institutions the MSB deals with.
- Information about people associated with a lender that is neither a financial institution nor a natural person
Provide information about each person associated with a lender (that is neither a financial institution nor a natural person) of the MSB. People associated with a lender that is neither a financial institution nor a natural person are the lender's officers, directors or partners.
Check the box(es) to specify the position(s) held by each person associated with a lender. Submit a copy of photo ID for each person.
Answer the questions regarding the background of each person associated with the lender.
- Information about the ATMs
Complete this part of the form only if the MSB operates one or more ATMs. Complete it for each ATM.
There are two types of ATMs:If the MSB operates an ATM in a commercial space it uses as a tenant and the lessor is responsible for supplying the ATM with cash, provide information about the lessor of the commercial space.
You must duly complete form SM-3.A-V and submit it along with the other required documents so that we can process your application as quickly as possible. The form is used to send us information about each (natural and legal) person associated with the MSB for which you are applying for a licence. We then use that information to get a security clearance report from the Sûreté du Québec, and to inspect the MSB and analyze its tax compliance.
You must complete a copy of form SM-3.A-V for every person associated with the MSB for which you are applying for a licence, including:
- respondents (the MSB's directors, officers and partners);
- managers of one or more branches of the MSB;
- respondents (other than directors, officers and partners) if the MSB is not constituted under the laws of Québec and does not have its head office or an establishment in Québec;
- persons that directly or indirectly own or control the MSB, for example the ultimate beneficiary (visit Québec.ca for more information [in French only] about ultimate beneficiaries)
- employees;
- people responsible for supplying the MSB's ATMs with cash;
- mandataries;
- officers of mandataries;
- lenders (other than financial institutions).
For more instructions, see Information About a Person Associated With a Money-Services Business.
Step 3: gather the required documents
Make sure you have the following:
- your duly completed SM-3-V form;
- your duly completed SM-3.A-V form(s) and the required documents (see the Information About a Person Associated With a Money-Services Business page);
- a document describing the legal structure of the MSB (for example, a copy of the registration declaration filed with the Registraire des entreprises, or a copy of the articles of incorporation or the partnership agreement) and, if applicable, giving the name of the MSB's parent company and all subsidiaries;
- the MSB's business plan and its financial statements for the last fiscal year, unless its only money services are the operation of ATMs;
- an official document confirming the naming of a respondent for the MSB;
- a cheque or money order for the fees payable for your application (if you would like to make your payment electronically, contact us to get a payment code).
The fees vary depending on the type of money services covered by the application. The total amount payable may also vary based on the number of security clearance reports needed. For more information, see the List of Fees and Tariffs.
If the MSB's business plan involves cryptocurrency, you will need to provide additional documents with your application. For more information, call us at 1 800 567-4692 (option 5).
Step 4: send us all the required documents
Mail us the forms and required documents or send them by secure email.
By secure email
To send us documents by secure email, you will first need to register for our secure messaging service by calling us at 1 800 567-4692 (option 5). One of our employees will tell you how to register.
By mail
Mail the required documents to the following address:
Revenu Québec
C. P. 25900, succursale Terminus
Québec (Québec) G1A 0B9
Once we receive the licence application, we will:
- analyze it
- do a background check on the MSB and any person associated with it to check for previous convictions and good moral character
- issue a licence, if applicable
Step 5: analyze the application received
Checking the documents received
We will start analyzing the licence application once we have received form SM-3-V and the required documents. If the form is incomplete or a required document is missing, we will first contact you by phone and then by email. If we still cannot get in touch with you, we will send you a letter specifying the missing information or documents and asking you to send them to us.
Step 6: do a background check on the MSB and any person associated with to check for previous convictions and good moral character
Once we have all the required information and documents, we will ask the Sûreté du Québec and the police force in the local municipal territory where the MSB plans to offer money services to prepare one or more security clearance reports. It takes 30 days for us to receive the report(s) from the Sûreté du Québec. You will receive an invoice listing the fees and tariffs payable for each report requested.
Step 7: issue a licence, if applicable
Once we have concluded that there is no restriction to issuing a licence and that all fees have been paid, the MSB will receive its licence by mail.
If the MSB operates automated teller machines (ATMs), it will receive the decals it has to place on the ATMs. Refer to instruction sheet SM-22.1.G-V, Decal Instructions: Automated Teller Machines, to ensure you affix the decals properly. Only original decals are authorized on an ATM.
If, in reviewing the licence application, we conclude that there are grounds for not issuing a licence, we will contact you. We will let you know how long you have to provide a written explanation or a document needed to complete the MSB's file.