Hey Compliance Nerd!
I run a Canadian digital currency company, and we’re having a really hard time getting a bank account. We’ve talked to a few banks, and most tell us that they don’t deal with Bitcoin companies (which is a bit crazy given all of the news about banks investing in Bitcoin). Recently we talked to someone that suggested that we could get a bank account outside of Canada, and work with a payment company in Canada. Is this legal? If Bitcoin becomes regulated in Canada later on, will this prevent us from being able to register with FINTRAC? It sounds like it might be a good solution, but we don’t want to shoot ourselves in the foot…
I feel your pain. In fact, I have a friend and colleague who has recently formed a company to help businesses that are considered high risk (including digital currency businesses) access the right payment solutions. Unfortunately, banking remains a challenge for many Canadian businesses including money service businesses (MSBs) and digital currency businesses. The good news is that it’s legal for you have a banking relationship in another country (though I would suggest making sure that you understand the legal and tax implications of doing so).
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].