[FINTRAC 101 Presentation and Q&A, Jul 19 and 21]: For business engaged in crowdfunding platforms services

FINTRAC | Laura Colella | July 5, 2022

The recent amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTFR) and the Proceeds of Crime (Money Laundering) and Terrorist Financing Administrative Monetary Penalties (PCMLTFAMP) Regulations now cover crowdfunding platforms as money services businesses (MSBs) or foreign money services businesses (FMSBs) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Businesses engaged in crowdfunding platform services now have the following obligations:

• Register with FINTRAC
• Develop and maintain a compliance program
• Carry out know your client requirements, including verifying the identity of persons and entities for certain activities and transactions
• Keep certain records, including records related to transactions and client identification
• Report certain transactions to FINTRAC

EVENT DATES and HOW TO REGISTER

July 19, 2022 at 2 p.m. (English presentation)

July 21, 2022 at 2 p.m. (French presentation)

Virtual format

To register or ask questions, please confirm your virtual attendance by emailing your RSVP to:  guidelines-lignesdirectrices@fintrac-canafe.gc.ca

Don’t forget to specify English or French and/or the date you with to attend.  A meeting link will be sent a day before the presentation

Download PDF Agenda for more details –> here

 

You may like to read:

NCFA Response to FINTRAC’s ‘Knee Jerk’ Regulations Requiring Donation Crowdfunding Platforms to Register and Comply with AML/ATF Legislation

 

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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org