Finance committee  If I may, Mr.—

Finance committee  No, we haven't played any role in either the order or the actions taken by the financial institutions.

Finance committee  Mr. Chair, we have seen suspicious transactions from financial institutions that reference crypto and crypto-wallets or people using their fiat or normal money to purchase crypto. We've also received some excellent, I would say, suspicious transaction reports from the cryptocur

Finance committee  From our perspective, with regard to seeing any reports related to money laundering or terrorist financing, I don't think there was a point where there was a precipitous decline or precipitous increase in reporting. What I would say is that, as all of you have seen, I think the e

Finance committee  Thank you for the question. I wasn't sure if Donna was going to jump in there on the regulatory side. I believe you're correct. There is some regulation of crowdfunding, but I'm not sure and I'm not an expert on who regulates the crowdfunding platforms. However, Mr. Chair, it

Finance committee  Mr. Chair, I don't think it's for me to determine or to say or to opine on the need for any legislation. However, GoFundMe did, on their own, stop the page and decided to reimburse the donors and to not allow the funding to continue through their platform. However, my understan

Finance committee  Thank you for the question. I'm not an expert in the legislation governing banks, but I believe that financial institutions have the power to decide on the risk level they are willing to expose themselves to when working with their clients. Therefore, if a client exceeds that ri

Finance committee  Thank you for the question. Yes, of course, but only with respect to compliance and the businesses that would be required to register with us. In the other cases, the issue concerned the enforcement of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Finance committee  I'll start, but I'll defer to Donna if she wants to jump in with additional information. Had it continued, the crowdfunding and payment service providers would have registered as reporting entities to FINTRAC. They therefore would have been subject to the Proceeds of Crime (Mone

Finance committee  Thank you for that and for the opportunity to provide a bit of clarification. We would not have reported anything. We do not give anything to financial institutions. We, in fact, receive the reports from them. We do not monitor, per se. We do not investigate. Once the reports

Finance committee  Thank you for the question. That's not quite correct. We do not give any instructions to the financial institutions. We are not at all involved in the freezing of accounts or anything of that nature. In a case like the one you are describing, normally, under the law, financial

Finance committee  That is correct.

Finance committee  Every year, we receive some 30 million reports from all entities. Financial institutions send 80% to 90% of these reports. Concerning suspicious transaction reporting, I believe that we received about 460,000 reports of this nature from all entities last year.

Finance committee  You are correct. Peer-to-peer is not covered. When the transactions go through a virtual currency dealer and we see large cash transactions or large purchases, for example, of crypto, or disbursements of crypto money, that is reported to us. I can defer to Donna if she would lik

Finance committee  Yes. Anytime a crowdfunding platform got used, there would be a touchpoint at a financial institution. There would be a requirement, if you were setting up a page or if you were receiving the donations in order to disburse them to others, for a touchpoint at a bank. There would b