Canada's PCMLTFA virtual-currency amendments require money services businesses and foreign MSBs to report large virtual-currency transactions, apply travel-rule information requirements to covered virtual-currency transfers, and support registration, records, identity verification and compliance-programme duties. The amendments came into full force in June 2021.
Regulationeffective
Proceeds of Crime (Money Laundering) and Terrorist Financing Act — Virtual Currency Reporting and Travel Rule Amendments
Also known as: PCMLTFA Regulations — virtual-currency reporting and travel-rule amendments
Canada FINTRAC (Financial Transactions and Reports Analysis Centre of Canada); Government of Canada
Overview
Key Details
Jurisdiction
CanadaRegulator
FINTRAC (Financial Transactions and Reports Analysis Centre of Canada); Government of Canada
Law Type
Regulation
Status
In ForceOfficial Law Number
SOR/2019-240; SOR/2021-208 (consolidated)
Official Title
Proceeds of Crime (Money Laundering) and Terrorist Financing Act — Virtual Currency Reporting and Travel Rule Amendments
Effective Date
June 1, 2021
Who This Law Applies To
Money services businesses (MSBs), foreign MSBs and reporting entities handling covered virtual-currency transactions in Canada.
Key Requirements
- Requires reporting of large virtual-currency transactions at the statutory threshold to FINTRAC.
- Applies travel-rule information requirements to covered virtual-currency transfers.
- Supports MSB registration, records-keeping, identity verification and compliance-programme duties.
Official Sources
Official indirect sourceIdentify exact consolidated PCMLTFA regulations and SOR amendment references. FINTRAC notice is implementation guidance, not the primary regulation.
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