Large Virtual Currency
Seamlessly detect, record, and report large virtual currency transactions in compliance with FINTRAC guidelines.
Why Large Virtual Currency?
Under Canadian anti-money laundering regulations, reporting entities must submit a Large Virtual Currency Transaction Report (LVCTR) to FINTRAC when they receive amounts equivalent to $10,000 or more in virtual currency in a single transactionāor multiple related transactions within 24 hours.
This service automates the identification, documentation, and reporting of qualifying virtual currency transactions, helping businesses meet their compliance obligations efficiently and securely.
Who Is It For?
These organizations face legal obligations to report and store records for significant virtual currency transactions. Our solution eliminates manual tracking and ensures full compliance.
Key Benefits
Instantly identifies qualifying virtual currency transactions and related transfers within a 24-hour window.
Stores required transaction data, identity details, and proofs securely on Canadian servers.
Generates and files accurate LVCTR reports to FINTRAC, reducing risk of delay or errors.
Prevent non-compliance penalties through built-in regulatory logic and timely reporting.
Use Cases
How It Works
Features
Detects individual and related transactions totaling $10,000+ in virtual currency.
Groups multiple small transfers from the same source within 24 hours.
Captures name, DOB, occupation, and identification used to verify the individual submitting the transfer.
Securely stores wallet addresses, transfer confirmations, and identity verification logs.
Files complete and validated LVCTR reports directly to FINTRAC.
Frequently Asked Questions
What is a Large Virtual Currency Transaction?
Any receipt of virtual currency worth $10,000 or more in a single transaction or combination of transactions within 24 hours.
Are virtual currency transfers treated like cash?
Yes. Under FINTRAC, large virtual currency transactions are treated similarly to large cash transactions for AML compliance.
Do I need to verify the identity of the sender?
Yes. You must obtain and verify identity information including name, DOB, occupation, and ID used.
Are businesses outside crypto obligated to report?
Yes, if you accept large payments in cryptocurrency, you must comply with LVCTR rulesāeven if your core business isnāt crypto-focused.
Is the data stored in Canada?
Yes. All reports and associated records are stored securely on Canadian servers.
Getting Started
Make virtual currency compliance seamless. Protect your business from penalties and stay audit-ready with our automated LVCTR service.
Fill out the short contact form below or choose another convenient way to reach us. Our team is here to listen, answer your questions, and help you get compliant ā fast.
Contact Us
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