CANADA: CROWDFUNDING PLATFORMS NOW REQUIRED TO REPORT TRANSACTIONS, AFTER TRUCK CONVOY PROTESTS

On 4 May, CBC reported that Canada has become one of the first countries in the world to require online crowdfunding platforms to report to its AML/CFT watchdog FINTRAC.  The move means that some large donations over $10,000 to Canadian fundraising campaigns hosted by online crowdfunding companies like GoFundMe or GiveSendGo, or which the platform thinks may be suspicious, could now be reported to FINTRAC and then potentially be flagged to police.

https://www.cbc.ca/news/politics/convoy-finance-crowdfunding-fintrac-1.6440671

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section View all posts by raytodd2017