Originally Posted by signupdamnit

I was being facetious. I know full well that FINTRAC isn't monitoring Paxum for compliance with privacy laws, the security of user's information, or financial health. I'm only trying to point it out to others who might not be aware. In the past Paxum has presented their monitoring by FinTrac in a way which made it appear that they were subject to full financial and privacy audits by FINTRAC (see also: 1, 2). It was very dishonest in my opinion and I first noted it over a year ago.

My point is that it's basically the wild wild west. Just like Epassporte, Paxum can pretty much do whatever they want. There is very little regulation over their activities at present as compared to a legitimate bank. There are anti-money laundering procedure but those aren't in place to protect you. People deserve to be aware and not misled to believe they are being regulated more than they are.