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Anti-money laundering rules for cryptocurrency dealers finalized by Canadian government

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Jul 10, 2019

On July 10, 2019, the Canadian Department of Finance published amendments to regulations made under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act 2019 (PCMLTFA), which will apply to dealers in virtual currency and foreign money services businesses (MSBs) that service Canadian customers beginning June 1, 2020.

This update includes:

  • Background on the Regulation and definition of virtual currency
  • Dealers in virtual currency that offer services to Canadian clients will generally be considered MSBs under the PCMLTFA and therefore subject to similar customer due diligence, recordkeeping, monitoring and reporting requirements as other reporting entities
  • Regulation of foreign cryptocurrency exchanges as foreign MSBs
  • Reporting and recordkeeping requirements for virtual currency transactions

Review the regulation on the Canada Gazette's website and a summary on Osler LLP's website.

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