Paywicks Limited
Last Update: 19.01.2026
Client: Paywicks Limited.
Partnership Duration: 2023 – Present.
Services Provided: Business model analysis, development of Canada-specific AML/KYC policies, FINTRAC MSB registration, regulatory advisory, and ongoing annual renewal & compliance maintenance.
Overview
Paywicks Limited is an international payments provider delivering modern digital transaction solutions designed to simplify payment processing, enhance merchant efficiency, and ensure secure and seamless financial operations.
In August 2023, Paywicks approached our team with a clear goal:
to obtain a Foreign Money Services Business (FMSB) registration in Canada and expand its payment services beyond the United Kingdom into the North American market.
Although the client came with a specific request, we conducted a full assessment of their business model, verified its alignment with Canadian regulatory requirements, and confirmed that an FMSB registration was indeed the appropriate regulatory framework.
Today, Paywicks operates legally and compliantly in Canada, while we continue to provide them with continuous regulatory maintenance and annual FINTRAC renewal support.
Our Contribution Across Jurisdictions
Poland
VASP Licensed Company
After evaluating Paywicks’ operational model and reviewing all potential regulatory routes, we confirmed that their services fell under Canada’s MSB regulatory scope and initiated the end-to-end registration process.
Scope of Work
Regulatory & Compliance Preparation
- Comprehensive analysis of the client’s business model to determine applicable regulatory obligations;
- Development of tailored AML/KYC policies aligned with Canadian legislation;
- Preparation of all required procedural frameworks in accordance with FINTRAC standards.
MSB Licensing Process
- Assembly and submission of the complete licensing package;
- Registration of Paywicks Limited as a Foreign Money Services Business (FMSB) with FINTRAC;
- Full support throughout the entire application and approval process.
Ongoing Maintenance & Regulatory Support
Our cooperation continues with full annual compliance support to ensure uninterrupted regulatory good standing.
Annual FINTRAC Renewal Services
- Review of Paywicks’ current organizational structure;
- Preparation and submission of all required renewal documentation;
- Direct communication and coordination with FINTRAC;
- Ongoing guidance throughout the renewal process.
Timeline:
Once all necessary documents are collected, we conduct a full case analysis and submit the renewal package to FINTRAC within 5-10 business days.
Strategic Advisory
Although Paywicks approached us with a defined target, we conducted a preliminary strategic consultation to ensure regulatory accuracy and feasibility:
Continuous Compliance
- Review of alternative regulatory options;
- Confirmation that the business model falls under Canadian MSB regulation;
- Validation that the FMSB route was optimal for the client’s goals;
- Alignment on deliverables, timelines, and full project roadmap.
Only after this assessment did we initiate the formal process.
Results
Paywicks achieved significant milestones as a result of our collaboration:
Successful registration as a Foreign Money Services Business in Canada.
Entry into the Canadian payments market.
Full compliance with Canadian AML/KYC regulatory standards.
Reliable ongoing regulatory oversight and timely annual renewals.
A sustainable, transparent regulatory relationship with FINTRAC.
We are proud to continue supporting Paywicks through long-term compliance and regulatory maintenance.