Hey Compliance Nerd!
We buy and sell Bitcoin and a few altcoins in Canada, but we’re not a regulated entity under Canada’s AML rules. When we think that something shady is happening, we stop dealing with certain customers… Should we also be telling anyone about it if we suspect that there may be money laundering involved? We’re not sure who to talk to, and we want to make sure that we’re protecting our company and reputation.
If you think that someone might be laundering money, you can complete a voluntary report to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The report can be completed online here.
Although voluntary FINTRAC reporting cannot be completed anonymously, you and your company are protected when you make a report in good faith (meaning that you are making a report because you believe that something bad is happening, not just because you have a grudge).
The online form for voluntary reports includes step-by-step instructions, and allows you to upload documentation that may be relevant to the report. The details that you include in your report should include the facts (what happened) and an explanation of why you believe that the activity may be related to money laundering.
Amber D. Scott, MBA, CIPP, CBP, CAMS
Founder & Chief AML Ninja, Outlier Solutions Inc.
Amber is a long time, self-described “compliance nerd”. Amber is a firm believer in the idea that good compliance can enable good business. Find out how at www.outliercanada.com or reach out to her directly at [email protected].