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ARTICLE · 14 DECEMBER 2017

KYC And AML Compliance - Can Blockchains Help?

Gowling WLG
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Canadian legislation, more specifically the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "PCMLTFA"), imposes several obligations, also known as anti-money laundering ("AML") rules ...

CanadaTechnology
Michael Garellek
Michael Garellek
Joey Suri
Joey Suri
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Canadian legislation, more specifically the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the "PCMLTFA"), imposes several obligations, also known as anti-money laundering ("AML") rules, on reporting entities with the purpose of combatting the laundering of proceeds of crime and the financing of terrorist activities. A common perception, rightly or wrongly, is that cryptocurrencies are a vehicle for money laundering. Perhaps the question we should be asking with the growing adoption of blockchain technology is what are some of the opportunities that can be seized upon by reporting entities with regards to such obligations?

The Current Situation

In 2014, changes to the PCMLTFA were introduced to allow for the making of regulations respecting those who are "dealing in virtual currencies". These regulations, which have yet to be proposed, will subject dealers in virtual currencies to the registration, reporting, record keeping and identity

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