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Compliance Statement

FINTRAC Regulation coming force June 1st, 2020

 

As for November 22, 2019, FINTRAC has made it clear that Money Services Businesses (MSB) dealing in virtual currency must voluntarily register in advance of June 1st, 2020, when registration will be mandatory. This means as of June 1st, 2020, we will have certain obligations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations as an MSB in Canada.

The scope of the regulations includes virtual currency exchange and virtual currency transfer services.  More specifically;

  1. Virtual currency exchange services include exchanging:
    • funds for virtual currency,
    • virtual currency for funds or,
    • virtual currency for another virtual currency.

 

  1. Virtual currency transfer services include:
    • transferring virtual currency at the request of a client or,
    • receiving a transfer of virtual currency for remittance to a beneficiary.

Prior to the June 1st, 2020, we at Bitbuy Technologies Inc. have and will continue to implement components of our compliance regime to ensure we satisfy all applicable prescribed measures of the PCMLTF Act and Regulations. 

Thus, we have registered with FINTRAC and received our registration number, M20728803.  Please note that mandatory registration does not constitute FINTRAC endorsement.

Our Interpretation of Compliance

 

We take our obligations seriously and that means we have undertaken and will continue to undertake the implementation of an appropriate level of compliance to ensure that we are proactive with the coming to force date of June 1st, 2020, and further on June 1st, 2021. 

 

Our compliance program includes;

 

If you have any questions related to our compliance program, please feel free to reach out to us, and we’d be happy to answer as best we can.

 

Last updated: February 18, 2020