Canadian government amends anti-money laundering law

Following feedback from payment service providers and cryptocurrency exchanges, the Canadian government has relaxed parts of its new anti-money laundering regulations.

Instead of requiring exchanges to report every transaction, reporting entities will now only need to report transfers over CAD$10,000 (in dollars or cryptocurrency).

Stakeholders recommended repealing the “transfer reporting obligations” policy, arguing that it would “be cumbersome” and costly. However, the changes are still pending as Finance Canada officials are waiting for the FATF's guidance.

“Finance [will] assess the best approach to mitigate the risks posed by virtual currency transactions to be aligned with the FATF standards as they relate to EFTs and wire-like transactions (like virtual currency),” the amended Act, published in full yesterday, reads.