How we verify clients, screen transactions, apply the Travel Rule and decide which countries we serve. Written for banks, partners and auditors who need to assess a small Canadian MSB — and for clients who want to know what happens to their information.
Crypto World Trade Center Inc. (dba TokenNest) is registered with FINTRAC as a money services business dealing in virtual currency (M23982356), licensed by Revenu Québec as a money services business (21285), and incorporated in British Columbia (BC1420455). Our compliance programme is subject to an independent effectiveness review at least every two years under the PCMLTFA.
Individuals: government photo ID plus liveness check through our identity-verification partner, address verification, and screening against sanctions, PEP and adverse-media lists before the first transaction. Businesses: certificate of incorporation, register of directors, beneficial owners at 25% or more, proof of address, ID for each authorised signatory, and a description of expected activity. Enhanced due diligence applies to higher-risk clients, including other MSBs, and to any client whose activity departs materially from what was declared.
Every wallet address — inbound and outbound — is screened with blockchain analytics before funds move. We block addresses associated with sanctioned entities, darknet markets, ransomware, mixers of concern and known fraud. Ongoing monitoring flags structuring, velocity changes and activity inconsistent with the client profile. Large virtual currency transactions and suspicious transactions are reported to FINTRAC as required.
For virtual currency transfers of CAD 1,000 or more, we collect and transmit originator and beneficiary information (name, account or wallet identifier, and address or other identifying details) to the receiving institution where one exists, and record the same for transfers to self-hosted wallets, as required under Canadian Travel Rule obligations. Self-hosted wallet ownership is verified by [method to confirm] above [threshold].
Clients, beneficial owners, payees and counterparties are screened at onboarding and continuously against Canadian sanctions (SEMA, JVCFOA, UN Act), OFAC SDN, and UK/EU consolidated lists. Matches are escalated to the Compliance Officer; no transaction proceeds while a potential match is open.
Clients: Canadian residents and Canadian-incorporated companies with a Canadian bank account. Payees for cross-border payments: any jurisdiction not excluded below. Not served: jurisdictions under comprehensive Canadian sanctions (including Russia, Belarus, Iran, North Korea, Syria, Myanmar and the Crimea, Donetsk and Luhansk regions), FATF jurisdictions subject to a call for action, and [additional jurisdictions to confirm]. Live payout corridors are listed on the cross-border payments page. We do not serve US persons for trading services.
Transaction records and identification records are retained for at least five years after the relationship ends. On request from a client's bank or auditor we provide: FINTRAC registration confirmation, Revenu Québec licence, a summary of our AML/KYC programme, our most recent independent review letter [subject to NDA], and per-account transaction records.
Compliance Officer — [email protected]. Privacy Officer — [email protected]. Law-enforcement and regulatory requests: [email protected].