Canada revises AML policies to cover crypto exchanges

Posted 11 July, 2019

Canada has reportedly revised and updated anti-money laundering measures effective in the country. The new edition will include measures to be taken by cryptocurrency trading platforms.

The government has unveiled the amendments to the effective anti-money laundering policies yesterday. In the document, it was stated that the revised edition contains a number of changes that are aimed to "close the gaps that exist in Canada’s AML/ATF Regime ". Specifically, the amendments cover both traditional finances and cryptocurrencies. This time, the rules include services for crypto exchanges and values transferring.

As a result, Canada will classify local and overseas trading platforms as providers of money transfer services, and thus they will have to register with Financial Transactions and Reports Analysis Centre of Canada and comply with all the requirements set for this industry.

The new rules also provide that exchanges have to identify senders of transactions and pass the data to the corresponding bodies if a transaction exceeds CAD 10,000.

"These amendments serve to mitigate the money laundering and terrorist activity financing vulnerabilities of virtual currency in a way that is consistent with the existing legal framework, while not unduly hindering innovation. For this reason, the amendments are targeted at persons or entities engaged in the business of dealing in virtual currencies, and not virtual currencies themselves, "

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