Ottawa Permanently Adds Crowdfunding Platforms to Anti-Money Laundering Regime

[claireokc]

The Liberal government has followed up on its plan to permanently subject crowdfunding platforms to its anti-money laundering and terrorist financing regime, a measure that had been initially put in place in response to the Freedom Convoy in February. Blacklock’s Reporter first reported the issue on April 28. Canada’s financial intelligence agency FINTRAC says the platforms are now required to register with FINTRAC, as well as develop and maintain a compliance program, carry out a “know your client” requirement, and keep certain records such as related to transactions or client identification. The entities also have to make reports to FINTRAC on certain transactions, such as those over $10,000 or those deemed suspicious. The new regulation will also cover payment service providers which were not already subjected to the regime. ...

Source: https://www.theepochtimes.com/ottawa-pe ... 33931.html