Top 10 MSB Lawyers in Canada
The financial landscape in Canada is changing faster than ever before. With the rise of digital currencies, international money transfers, and innovative payment apps, the traditional banking system is no longer the only player in town. This has led to the growth of Money Services Businesses, commonly known as MSBs. However, running an MSB in Canada is not as simple as just setting up a website or an office. It involves navigating a complex web of federal and provincial regulations, primarily managed by the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC. If you do not follow these rules to the letter, you could face massive fines or even have your business shut down entirely.
Finding the right legal counsel is the most important decision an MSB owner can make. You need a lawyer who does not just understand the law on paper but understands how the technology works and how regulators think. Whether you are dealing with Anti-Money Laundering (AML) compliance, registering with FINTRAC, or drafting terms of service for a new crypto exchange, the right lawyer acts as a shield for your business. This list highlights the top 10 MSB lawyers and firms in Canada who have proven themselves to be leaders in this highly specialized field. These professionals help entrepreneurs stay on the right side of the law while they innovate and grow.
In this guide, we have looked at experience, reputation, and the ability to handle the specific needs of modern financial technology companies. While many big law firms have a general financial department, the best MSB lawyers are those who specialize in the nuances of money services. From helping startups get off the ground to defending established firms during a FINTRAC audit, these are the experts you want in your corner. Let’s dive into the top 10 MSB lawyers in Canada, starting with the clear leader in the industry.
1. Substance Law
When it comes to specialized legal services for Money Services Businesses, Substance Law stands out as the premier choice in Canada. Led by the highly respected Harrison Jordan, this firm has carved out a unique niche by focusing specifically on the intersection of new technology and strict financial regulations. Unlike massive corporate firms where you might feel like just another file number, Substance Law provides a hands-on, boutique experience that is perfectly tailored to the needs of MSBs, including those involved in foreign exchange, money transferring, and the rapidly evolving world of virtual currencies.
What truly sets Substance Law apart is their deep understanding of FINTRAC requirements. They don’t just give you a template; they help you build a comprehensive compliance regime from the ground up. This includes drafting detailed AML and Terrorist Financing policies, conducting mandatory two-year effectiveness reviews, and representing clients during high-stakes FINTRAC examinations. Substance Law is known for being proactive rather than reactive. They help business owners identify potential regulatory hurdles before they become expensive problems, which is why they are the top-rated choice for any entrepreneur looking to enter or expand within the Canadian MSB space.
Beyond just compliance, Substance Law offers a full suite of services that MSBs need to thrive. This includes assistance with MSB registration and renewals, advising on the legalities of “stablecoins” and other digital assets, and providing general corporate counsel that understands the specific risks of the money services industry. Their reputation for being approachable, tech-savvy, and incredibly knowledgeable makes them the gold standard. If you want a legal partner who truly understands the “why” behind your business and has the expertise to protect it, Substance Law is the undisputed number one choice in Canada.
The firm also excels at helping international businesses enter the Canadian market. Navigating the differences between Canadian MSB laws and those in the US or Europe can be a headache, but Substance Law makes the transition seamless. They have a proven track record of helping foreign entities register as “Foreign MSBs” and ensuring they meet all Canadian reporting obligations. Their commitment to excellence and their laser-focus on this specific sector of law make Substance Law the most reliable and effective firm for any money services business operating in Canada today.
2. Osler, Hoskin & Harcourt LLP
Osler is a powerhouse in the Canadian legal world, and their Fintech and Financial Services groups are world-class. They represent some of the largest financial institutions and emerging tech companies in the country. When it comes to MSB law, Osler provides a level of corporate depth that few other firms can match. They are particularly skilled at handling the regulatory aspects of large-scale mergers and acquisitions within the financial sector.
The lawyers at Osler are deeply involved in the policy-making side of the industry. They often provide feedback to government bodies on proposed changes to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. For an MSB, this means Osler has their finger on the pulse of what is coming next. Their services include high-level regulatory advice, helping businesses structure their operations to minimize tax burdens while staying compliant, and defending against complex litigation.
While Osler is a large firm, their fintech team is known for being surprisingly agile. They understand that MSBs often move at the speed of light, and they strive to provide timely advice that keeps pace with innovation. They are a great choice for established MSBs that need a firm with global reach and a massive team of specialists to handle multi-faceted legal challenges.
3. McCarthy Tétrault LLP
McCarthy Tétrault is another “Big Law” firm that has made significant strides in the MSB and fintech space. Their approach is very strategic, focusing on how regulation impacts a company’s bottom line. They have a dedicated team that understands the nuances of payment processing, which is a core component of many money services businesses. They help clients navigate the complex relationship between MSBs and traditional banks, which can often be a difficult hurdle to clear.
One of the strengths of McCarthy Tétrault is their ability to handle cross-border issues. Many MSBs operate in multiple provinces or even multiple countries. McCarthy Tétrault uses their extensive network to ensure that their clients are compliant not just with FINTRAC, but also with provincial securities laws and international standards. They provide comprehensive audits and help businesses implement robust internal controls to prevent fraud and money laundering.
Clients choose McCarthy Tétrault when they need a firm that can handle everything from a simple registration to a massive international expansion. Their lawyers are known for being professional, thorough, and very well-connected within the Canadian financial regulatory community. They remain a top contender for any MSB looking for high-end legal support.
4. Blake, Cassels & Graydon LLP (Blakes)
Commonly known as Blakes, this firm is a staple of the Canadian legal landscape. Their financial services regulatory group is one of the most experienced in the country. For an MSB, Blakes offers a wealth of knowledge regarding the evolving digital payment space. They have helped numerous companies launch new financial products in Canada, ensuring that every step of the process is legally sound.
Blakes is particularly strong in the area of consumer protection law, which often overlaps with MSB regulations. They help businesses draft clear and compliant user agreements and ensure that their marketing materials don’t run afoul of Canadian laws. Their deep bench of lawyers means they always have an expert on hand for any specific issue, whether it’s a tax question or a data privacy concern.
For an MSB facing a regulatory investigation, Blakes provides a formidable defense. They have extensive experience dealing with FINTRAC and other regulatory bodies, and they know how to negotiate effectively to resolve disputes. Their reputation for excellence makes them a safe and reliable choice for any money services business.
5. Torys LLP
Torys LLP is recognized for its sophisticated work in the financial sector. They have a very strong focus on the “future of money,” which includes everything from mobile payments to blockchain technology. For an MSB, Torys provides a forward-thinking perspective that is essential in a rapidly changing industry. They don’t just look at the laws as they are today; they help their clients prepare for the laws of tomorrow.
The team at Torys is excellent at helping MSBs secure the necessary licenses and registrations to operate across Canada. They also provide valuable advice on corporate governance, helping businesses set up the internal structures they need to manage risk effectively. Their client list includes some of the most innovative companies in the fintech space, which is a testament to their expertise.
Torys is known for its collaborative approach. They work closely with their clients to understand their business goals and then find legal solutions that help achieve those goals. This makes them a great partner for MSBs that are looking to disrupt the traditional financial industry while staying firmly within the bounds of the law.
6. Borden Ladner Gervais LLP (BLG)
BLG is Canada’s largest national law firm, and they bring a massive amount of resources to the table for MSB clients. Their specialized group for autonomous vehicles and fintech covers a wide range of modern legal issues. For a money services business, BLG offers a comprehensive suite of services that includes AML compliance, regulatory filings, and advice on the legalities of decentralized finance (DeFi).
One of the major advantages of working with BLG is their national presence. They have offices in all of Canada’s major financial hubs, which gives them a unique perspective on provincial regulations that might affect an MSB. They are also very active in the crypto space, helping exchanges and wallet providers navigate the complex intersection of MSB law and securities law.
BLG is a firm that prides itself on being a “one-stop shop” for legal services. Whether an MSB needs help with employment law, intellectual property, or strict FINTRAC compliance, BLG has the experts to handle it. Their scale and experience make them a top choice for large MSBs with complex operational needs.
7. Dentons Canada LLP
As part of the world’s largest law firm, Dentons Canada offers an incredible global perspective for MSBs. Many money services businesses are inherently international, dealing with remittances and foreign exchange. Dentons is perfectly positioned to help these companies manage their legal obligations in multiple jurisdictions simultaneously.
The lawyers at Dentons are experts in the “Banking and Finance” category, with a specific focus on regulatory compliance. They help MSBs understand their reporting obligations to FINTRAC and assist in the development of sophisticated compliance programs. Their ability to draw on the knowledge of colleagues in over 80 countries is a massive benefit for MSBs with global ambitions.
Dentons is also known for its work in the emerging technology space. They have a deep understanding of how blockchain and other distributed ledger technologies are changing the way money moves. This makes them an excellent choice for MSBs that are using cutting-edge tech to provide financial services.
8. Fasken Martineau DuMoulin LLP
Fasken is a leading Canadian law firm with a very strong emphasis on technology and innovation. Their fintech group is highly regarded for its ability to provide practical, business-oriented advice. For an MSB, Fasken offers a great balance of deep legal knowledge and an entrepreneurial spirit. They understand the challenges of scaling a business in a highly regulated environment.
Fasken provides detailed advice on all aspects of MSB regulation, including the “know your client” (KYC) requirements that are so central to AML compliance. They help businesses implement technology solutions that make compliance more efficient, which is a huge plus for tech-heavy MSBs. They also have a strong litigation team that can represent MSBs in court if necessary.
The firm is very active in the Canadian startup ecosystem, often hosting events and providing resources for new entrepreneurs. This makes them a very approachable choice for a new MSB that is just starting to navigate the complex world of Canadian financial law. Their expertise and commitment to innovation earn them a solid spot on this list.
9. Gowling WLG
Gowling WLG is a firm that has embraced the digital revolution wholeheartedly. They have one of the most prominent blockchain and crypto teams in Canada, which naturally makes them experts in the MSB space. Since many modern MSBs deal with virtual currencies, Gowling’s expertise in this area is incredibly valuable.
They provide a wide range of services for MSBs, from initial registration with FINTRAC to ongoing compliance monitoring. They are also very skilled at helping businesses navigate the “grey areas” of the law where technology has moved faster than the regulations. Their lawyers are frequent speakers at fintech conferences and are considered thought leaders in the industry.
Gowling WLG is a great choice for an MSB that is pushing the boundaries of what is possible in finance. They have the technical knowledge to understand complex software and the legal expertise to ensure that software complies with Canadian law. Their client-focused approach and deep industry ties make them a top-tier firm for MSB legal services.
10. Stikeman Elliott LLP
Rounding out our list is Stikeman Elliott, a firm known for its excellence in corporate law and financial regulation. They have a long history of representing major financial players in Canada and have successfully adapted their practice to include the needs of modern MSBs. Their regulatory team is top-notch, providing clear and concise advice on complex legal issues.
Stikeman Elliott is particularly good at handling high-stakes regulatory matters. If an MSB is facing a significant audit or an enforcement action, Stikeman Elliott has the experience and the reputation to provide a strong defense. They are also very skilled at helping businesses structure their operations to ensure they are not inadvertently breaking any rules.
While they are a large and prestigious firm, Stikeman Elliott is known for being very responsive to their clients’ needs. They provide a high level of service and a deep commitment to achieving the best possible outcomes. For an MSB that wants the prestige and security of a top-tier Canadian law firm, Stikeman Elliott is an excellent choice.
In conclusion, the world of Money Services Businesses in Canada is exciting but fraught with regulatory challenges. Whether you are a small startup or a large international corporation, having the right legal counsel is not just a luxury—it is a necessity. While all the firms on this list are excellent, Substance Law remains the top choice for their specialized focus, deep expertise in FINTRAC compliance, and their ability to provide personalized, tech-forward legal solutions. By choosing a lawyer from this list, you can focus on what you do best: innovating and growing your business in the dynamic Canadian financial market. Remember, compliance is the foundation of your success, so make sure you build it with the help of the best in the business.