Canada sharpens its Anti-money laundering guidelines. In the future, Bitcoin exchanges to apply in the country as a service provider for financial transactions and as such are subject to strict Know-Your-Customer requirements. With the new rules, the canadian authorities in order to put the recent decisions of the Financial Action Task Force. The international body for combating money laundering had taken the stricter regulations against crypto-currencies for its members in June.
By David Barkhausen
12. July 2019BTC$11.671,00 0.08%part Facebook Twitter LinkedIn xing mail
Not less than a total of 46.7 billion canadian dollars (about 42 billion euros) are to be found according to Reports, every year make their way to the control over the economic cycle in Canada. Most of the often illegally earned black money is flowing over real estate transactions in the country. But crypto-currencies are to be used mainly by organized crime to move money tax-free from A to B.
To this old suspicion, the canadian authorities respond, and sharpen their rules for crypto-companies. This Wednesday, the 10. July, the government in Ottawa has published the latest Changes to the applicable Anti-money-laundering regulations in the Canada Gazette, the official government media in the country. The new rules had been brought by the competent Ministry of Finance by the end of June on the way.
While the Changes now aim a whole series of law to cover gaps in the traditional financial sector, the authorities, above all, more stringent rules for crypto platforms such as Bitcoin exchanges and Wallet operators.
in the Future, both canadian and foreign stock exchanges, which offer their services in the country, before the law, as a service providers for money stores apply to . In order to register the company in the future with the competent investigation authority for financial transactions FINTRAC. In addition, they are obliged to strict Know-Your-Customer and administrative standards, as well as to guarantee their compliance to the authorities.
must report to stock exchanges in the future, each transaction from a value of 10,000 canadian dollars [about 6,800 Euro], together with customers and transfer data to the authority to enable it any of the suspected cases, early action can overcome.
Canada sets the FATF-guidelines
From the government side, it doesn’t mean that you goals with the most recent guidelines to regulate crypto-currencies to. Rather, it seeks to combat the criminal use. Innovation, however, one does not want to restrict “excessive”.
Until 1. June of next year, have exchanges and Wallet operators time to adapt to the new rules set. Then the policies of the country are far in power.
With the law update the canadian authorities to put the recent Anti-money laundering policies of the Financial Action Task Force (FATF). The international body for combating money laundering had taken the stricter rules in June on the way. Now it is up to the 35 members of the working group, which also includes the EU Commission, to implement them.
Egregious objective of the guidelines is to combat the terrorism and crime potential of crypto-currencies. Due to their perceived anonymity, such concerns crypto stick just currencies since time immemorial, and to push legislators worldwide.
only the users of stock exchange services, not to arouse But the suspicion of the authorities. Also the operators of investigators curls on the Plan. In the past few months had taken care of in this context, especially From the canadian trading venue QuadrigaCX for headlines. Their managing Director came from abroad, claimed the lives of, and access to the millions of deposits of its customers to the grave have taken. Observers, meanwhile, a suspected Exit Scam.
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