How to Comply with the Travel Rule for EFTs and Manage Virtual Currency Risk Along the Way

May 4, 2021 12:30pm

Amber Scott
CEO
Outlier

Charlene Cieslik
Chief Compliance Officer
Localcoin

Ana Badour
Partner
McCarthy Tétrault LLP

On June 1, 2021, amended AML regulations will come into force in Canada. Adjusting compliance practices and reconfiguring systems to meet new record keeping and reporting requirements will be no small undertaking for reporting entities. This session is an opportunity hear how industry leaders and fellow AML professionals are approaching this new slate of requirements especially as it relates to the travel rule and how the inclusion virtual currency could lead to an uptick in its adoption.

  • Guidance for virtual currency businesses, financial institutions, MSBs and other entities on how to comply with the current and expanded travel rule
    • Identifying and collecting recipient information pertaining to the beneficiary
    • What are reasonable measures in the context of travel rule information
    • Originator, intermediary and final receipt standards
    • How to track and retain data to meet EFT record-keeping and reporting requirements for transactions over $1,000
    • Different approaches across financial institutions and MSBs
  • Determining what records are required in the interim
    • Limits to flexible measures
  • Understanding the compliance expectations set by traditional financial institutions for virtual currency clients
    • Differentiation between traditional MSBs, foreign MSBs and virtual currency MSBs
    • Determining the AML monitoring obligations for financial institutions interfacing with virtual currency