Anti-Money Laundering
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Dealers In Virtual Currencies Can Pre-Register With FINTRAC

Last week, the Canadian Federal anti–money laundering agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), announced that money services businesses (MSBs) dealing in virtual currencies will be allowed to voluntarily register in advance of becoming reporting entities. All dealers in virtual currency (also referred to as cryptocurrency) are expected to register with FINTRAC by June 1, 2020.

The process of registration is relatively straightforward, beginning with a pre-registration form. In order to complete pre-registration, you simply need to provide full business and contact information. There is no cost to register an MSB with FINTRAC, although we’ve heard of several scams claiming that there is a fee. We also suggest that before you hire someone to assist, you try to complete the form on your own. 

To read more on the full registration details and all obligations that will apply to dealers in virtual currency beginning June 1, 2020, check out our blog 2019 AML Regulation Highlights for Dealers in Virtual Currency.

We’re Here To Help

Whether you need to figure out if you’re a dealer in virtual currency, put a compliance program in place, or evaluate your existing compliance program, we can help. You can get in touch using our online form, by emailing info@outliercanada.com, or by calling us toll-free at 1-844-919-1623.

2019 AML Updates – Redlined Versions

The following red-lined versions have been created to reflect the changes to Canadian anti-money laundering (AML) regulations published in the Canada Gazette on July 10th, 2019.  A redlined version of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), reflecting the changes published in Bill C-97 which received Royal Assent on June 21, 2019, is also included below.

These documents are not official versions of the regulations. Official versions can be found on the Government of Canada’s Justice Laws Website.

 

Proceeds of Crime (Money Laundering) and Terrorist Financing Act

Please click the link below for a downloadable pdf file.

PCMLTFA_July_2019_Redline

 

Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations

Please click the links below for downloadable pdf files.

PCMLTFR_July_2019_Redlined_Full

PCMLTFR_July_2019_Redlined_Schedules Removed

Proceeds of Crime (Money Laundering) and Terrorist Financing Suspicious Transaction Reporting Regulations

Please click the link below for a downloadable pdf file.

PCMLTF_Suspicious_Transaction_Reporting_Regulations_July_2019_Redlined

Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations

Please click the link below for a downloadable pdf file.

PCMLTF_Registration_Regulations_July_2019_Redlined

Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties Regulations

Please click the link below for a downloadable pdf file.

PCMLTFR_Administrative_Monetary_Penalties_Regulations_July_2019_Redlined

Cross-Border Currency and Monetary Instruments Reporting Regulations

Please click the link below for a downloadable pdf file.

PCMLTFR_Cross-Border_Currency_and_Monetary_Instruments_Reporting_Regulations_July_2019_redline

 

Need a Hand?

Whether you need to figure out if you’re a dealer in virtual currency, to put a compliance program in place, or to evaluate your existing compliance program, we can help. You can get in touch using our online form, by emailing info@outliercanada.com, or by calling us toll-free at 1-844-919-1623.

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