AML Compliance in Fintech and Virtual Currency Businesses

As fintech platforms, payment innovators, and virtual currency businesses continue to transform financial services, regulatory expectations surrounding anti-money laundering (AML) compliance are evolving just as rapidly. Businesses operating within these sectors face unique challenges in identifying customers, monitoring transactions, managing financial crime risks, and meeting increasingly complex reporting obligations. Failure to establish an effective compliance framework can expose organisations to significant regulatory, financial, and reputational consequences.

This webinar examines how AML obligations apply to fintech companies and virtual currency businesses under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA). Participants will gain practical insight into designing risk-based compliance programs, implementing effective controls, meeting reporting requirements, and preparing for regulatory examinations. The session also explores how FINTRAC assesses compliance programs and identifies common weaknesses encountered during regulatory reviews.

Key Topics Discussed:

• AML obligations under the PCMLTFA
• Regulatory requirements for fintech businesses
• AML compliance responsibilities for virtual currency dealers
• FINTRAC registration and reporting obligations
• Risk-based AML compliance frameworks
• Customer identification and Know Your Customer (KYC) requirements
• Beneficial ownership and ongoing due diligence
• Transaction monitoring and suspicious activity detection
• Virtual currency transaction risks and controls
• Record-keeping and reporting requirements
• Building and maintaining an effective compliance program
• Independent reviews and compliance testing
• Preparing for FINTRAC examinations
• Common compliance deficiencies and enforcement risks
• Emerging AML challenges in digital financial services