FINTRAC MSB KYC requirements for crypto and payment firms (2026)
Blog post from Didit
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Canadian businesses and foreign firms that exchange or transfer virtual currency, remit funds, or provide certain payment services generally must register with FINTRAC as money services businesses before operating, while potentially also meeting provincial, securities, or Bank of Canada requirements. The guidance describes core anti-money-laundering obligations, including identity verification for virtual-currency transfers or exchanges of CAD 1,000 or more, reporting of virtual-currency receipts totaling CAD 10,000 or more within a 24-hour period, travel-rule data requirements, beneficial-ownership checks, PEP screening, record retention, ongoing monitoring, and suspicious transaction reporting. It notes that remote verification requires authenticated identification methods rather than a simple video review, and that compliance programs must include policies, risk assessments, training, designated responsibility, and regular review. The text also distinguishes FINTRAC’s regime from the Retail Payment Activities Act, which regulates certain fiat payment service providers through the Bank of Canada, and explains that the Stablecoin Act has been enacted but is expected to take effect in 2027 after further regulations. Recent enforcement actions against crypto firms illustrate risks associated with failing to register, report transactions, or implement written controls in practice, while Bill C-12 substantially increases potential FINTRAC penalties for violations after March 2026. The article concludes with an onboarding-oriented compliance approach and promotes Didit’s identity verification, screening, wallet-monitoring, and audit-trail tools as support for, rather than replacements for, a firm’s compliance responsibilities.
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