Tag: aml

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Ask Amber: Are AML Clearance Certificates a Scam? No Comments

Hey Compliance Nerd! I got an email from a customer asking for an “AML Clearance Certificate” from us. The customer’s email said that this was something that their bank had requested, and that once they had it, they would start doing a lot more trading. They even sent us a link to a site that would apparently issue the certificate once background checks were conducted, but something didn’...

Amber D. Scott, Compliance Nerd

Ask Amber: Serving US Customers No Comments

Hey Compliance Nerd! I would like to serve customers in the USA, but I don’t plan to have staff or offices there (we’re based in Canada). I’ve tried reading through the New York Bitlicense and other money transmitter rules, but it seems complicated and expensive. Basically, I’d like to know if all of that is really necessary if all of our transactions take place online. I don’t want t...

Amber D. Scott, Compliance Nerd

Ask Amber: FINTRAC Registration No Comments

Hey Compliance Nerd! I heard that bitcoin was regulated in Canada, so I tried to register my company as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).  They wrote back and said that I can’t register because my business is not regulated. I notice that some exchanges in Canada are already registered with FINTRAC though…  Why is thi...

Amber D. Scott, Compliance Nerd

Ask Amber: Banking and Bitcoin No Comments

Hey Compliance Nerd! I've just incorporated my company, and I can't tell you what the business model is yet but it's related to digital currency, and it’s going to be awesome. When I went to my bank to open a bank account for my company, they told me they don't open accounts for digital currency businesses. One of my friends suggested that I go to another bank and just tell them I'm a softwar...

Amber D. Scott, Compliance Nerd

Ask Amber: Are You Really a Miner ? No Comments

Hey Compliance Nerd! We have a customer that frequently sells bitcoin. She told us that her bitcoin is from mining, but we noticed that it usually seems to be coming from, or have passed through, a wallet that we think is associated with a “Silk Road” type of dark web site. What should we do? We’re not certain that she’s doing anything illegal, but if she is, I don’t want to share a jai...