Safeguarding Account for Canadian MSB

Canadian Money Service Businesses (MSBs) and Payment Service Providers (PSPs) that hold client funds must comply with the Retail Payment Activities Act (RPAA) safeguarding requirements. Regulators require that end-user funds are either:

- Kept in segregated trust accounts, or
- Covered by an insurance or guarantee arrangement.

Opening the right account is only part of the challenge. The real hurdle is ensuring the entire safeguarding framework — legal, operational, and compliance — is correctly implemented and maintained.
That’s where Instamax Advisory makes the difference.

Our Safeguarding Solution includes:

1. Bank onboarding & account opening: We work with partner banks already familiar with safeguarding structures for MSBs and PSPs. Our role is to streamline the process and ensure your application package is accepted the first time.
2. Regulatory-ready documentation: We review and advice on your account-opening documents, policies and manuals to ensure everything is aligned with your Client Acceptance Policy and will meet the Bank's expectations.
3. Operational setup: We review and advise on your reconciliation flows, fund-segregation mapping, and reporting formats so you can demonstrate compliance to auditors and regulators.
4. Ongoing compliance: Quarterly reviews, monitoring assistance, and breach-management procedures to keep your accounts compliant and operational.
Why choose Instamax instead of applying directly to a bank?

*End-to-end packaging*: Banks often reject or delay applications that lack proper AML, operational, or legal documentation. We deliver complete, regulator-ready packages.
*Faster go-live*: Our experience with safeguarding structures eliminates trial-and-error, saving months in onboarding delays.
*Single point of contact*: We coordinate between your internal team, legal, compliance, and the bank — so you don’t have to.
*Long-term compliance partner*: Unlike banks, which only open the account, Instamax stays involved to maintain safeguarding compliance year after year.
Contact us via DealStream for a confidential safeguarding readiness review and proposal.