- Ottawa wants to close loopholes that let terrorists, criminals use Bitcoin to commit fraud
- Scam calls target Chinese community, fraud busters warn
- Ex-MP received 'secret' cut of $12.4M deal in resort town run by his sister, OPP probe alleges
- AHS warning of text scam involving the organization
- The 6 Most Common Behavioral Red Flags Of Fraud
Canada’s Fraud Crackdown
June 13, 2018 (Courtesy of btcmanager.com ) – As stated in the draft published by Canada Gazette, the Financial Action Task Force (FATF) pointed out some inadequacies in the Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF).
Similar to regulations in other countries where digital assets are partly tolerated, all cryptocurrency-related businesses, exchanges, and Fintech companies in Canada are now categorized under money service businesses (MSB).
As per the new regulation, MSBs are required to report all transactions exceeding 10,000 Canadian dollars, and a fresh KYC process must be conducted for transactions from 1000 CAD ($770).
The regulation requires MSBs’ to renew their licenses every two years and provide necessary documents to support the renewal.
More Stringent Regulations on the Cards?
However, it appears all might change soon.
On January 31, 2018, BTCManager reported the Governor of Bank of Canada, Stephen Poloz had labeled bitcoin trading a gamble, calling for increased regulatory oversight in the nascent virtual currency industry.
Poloz declared that bitcoin and other cryptocurrencies are not assets.
Deborah McCoy – Is an investigative journalist and has over 17 years of investigation experience in both the private and public business sectors. Since joining CFN, Ms. McCoy has become a true advocate for victims of fraud and increasing the public’s awareness in fraud prevention.