New Crypto Regulations In Canada Will Strengthen Anti-Money Laundering And Anti-Terrorist Efforts

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June 12, 2018

On June 9, Canada’s Department of Finance released a draft of official regulations for cryptocurrency exchanges and payment processors.

According to the draft, these regulations are in response to “a number of deficiencies” found in a 2015-2016 evaluation of Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime (AML/ATF) conducted by the Financial Action Task Force (FATF), an intergovernmental organization that tackles money laundering. Regulatory changes were also necessary to adhere to 2014 and 2017 legislative standards that addressed money laundering and terrorist financing.