AML Compliance Services for Digital Wallet Providers
Holding customer funds changes almost everything about your regulatory position here. A wallet that stores value carries obligations that a payment interface passing money straight through to somebody else will never attract.
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Stored Value and Custody of Funds
The distinction that matters for wallet providers is custody. A product that moves money immediately from payer to payee occupies a different position from one holding a balance on a customer’s behalf, sometimes for months. Stored value creates an account relationship, and account relationships bring identification, monitoring, and record keeping obligations that a simple payment interface does not attract.
Wallets also concentrate specific risks. Balances can be loaded from one source and withdrawn to another, moved between users inside a closed system where no external transaction is visible, and topped up in ways that obscure origin. Internal transfers between wallet holders deserve monitoring precisely because they leave no trace in the wider payment system for anybody else to examine.
Compliance Support for Wallet Providers
We deliver custody and scope assessments, customer identification design for digital onboarding, internal transfer monitoring, fund safeguarding frameworks, registration across applicable regimes, independent effectiveness reviews, and ongoing compliance support for digital wallet businesses.
PSP Registration
End-to-end PSP registration support under Canada's Retail Payment Activities Act framework.
MSB Licensing
Complete MSB licensing and FINTRAC registration for money services businesses nationwide.
Banking
Deliver secure banking compliance solutions supporting regulatory excellence and operational efficiency.
AML Compliance
Build robust AML frameworks ensuring regulatory compliance and effective financial crime prevention.
Regulatory Consulting
Receive strategic regulatory advice supporting sustainable growth and complete compliance confidence.
Transaction Monitoring
Ongoing transaction monitoring and screening to detect and report suspicious activity.
Why Wallet Providers Choose Us
We always start from whether you genuinely hold customer funds at all, because that single question determines considerably more about your obligations than anything else your product happens to do.
Custody Question Answered
We establish whether you genuinely hold customer funds, since that determines more about obligations than anything else.
Internal Transfers Monitored
We build monitoring for movement between wallet holders, which leaves no trace in the external payment system.
Load And Withdrawal
We build controls around funding sources and withdrawal destinations, since mismatches between them reveal a great deal.
Digital Onboarding Built
We design identification for customers you never meet, which is where newer wallet products most commonly fail.
Wallet Providers We Support Nationwide
We support digital wallet and stored value businesses in every single province and territory across Canada, alongside foreign wallet providers offering their products to Canadian customers from entirely outside the country.
What Our Clients Say
Canadian financial firms trust ABM Global Compliance to navigate complex regulation with clarity and care. From MSB licensing to ongoing AML support, our clients value our responsiveness, expertise, and genuine commitment to their long-term compliance success.
Let's Talk About Your Compliance Needs
Schedule a Free Consultation
Whether you’re starting a new MSB or need ongoing AML support, our team responds within one business day.
Digital Wallet Questions
Clear answers to the questions digital wallet providers ask most about custody, stored value, and their Canadian anti money laundering obligations.
Does holding funds change things?
Substantially. Custody creates an account relationship, which brings identification, monitoring, and record keeping duties a pass through product avoids.
Why monitor internal wallet transfers?
Because movement between wallet holders never touches the external payment system, so nobody else can see it happening.
What about load and withdrawal?
Mismatches matter. Funds loaded from one source and withdrawn to an unrelated destination deserve examination rather than automatic processing.
How do we verify customers remotely?
Using methods Canadian requirements recognise. Inventing your own approach and hoping it satisfies a regulator rarely ends well.
Must we safeguard customer balances?
Where the retail payments regime applies, yes. Safeguarding requirements are separate from anti money laundering obligations entirely.