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ARTICLE · 08 JUNE 2021

Canadian AML Amendments To Virtual Currency Transaction Reporting Take Effect

Stikeman Elliott LLP
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Remaining amendments to certain Regulations made under the Proceeds of Crime (Money Laundering and Terrorist Financing Act) (PCMLTFA) that create or change obligations for its ...

CanadaGovernment, Public Sector
Alix D'Anglejan-Chatillon
Alix D'Anglejan-Chatillon
Ramandeep Grewal
Ramandeep Grewal
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Remaining amendments to certain Regulations made under the Proceeds of Crime (Money Laundering and Terrorist Financing Act) (PCMLTFA) that create or change obligations for its reporting entities (REs) came into force on June 1, 2021, including specific record-keeping and reporting obligations related to virtual currency transactions.  FINTRAC has published a recent notice on the assessment of these obligations.

The first phase of amendments to the PCMLTFA came into force last year on June 1, 2020 and added regulatory obligations for businesses dealing in virtual currencies. As discussed in a previous blog post, these obligations include requirements for domestic and foreign persons and entities dealing in virtual currencies to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as "money services businesses" (MSBs), implement a full compliance program and report any transactions that they suspect may be related to money

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