money laundering compliance solutions
Canada's anti-money laundering legislation directly impacts on over one million businesses and professionals.
ABCsolutions was established to assist Canadian individuals and organizations to meet the challenge of developing and maintaining an effective anti-money laundering compliance program as mandated under Canada's Proceeds of Crime (Money Laundering) and Terrorist Financing Act.
Latest News
October 28 - A California casino has been hit with a massive fine to settle allegations brought against the commercial card room by the Financial Crimes Enforcement Network (FinCEN).
The owners of the Lake Elsinore Hotel and Casino in Southern California between Los Angeles and San Diego have agreed to a civil monetary penalty of $900K to resolve the many violations of the Bank Secrecy Act that an enforcement investigation conducted by FinCEN alleged. In the consent order, Sahara Dunes Casino, LP, the parent company of Lake Elsinore, admits to years of failures to complete Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs).
October 28 - The Paris-based Financial Action Task Force (FATF) has raised Korea's compliance standards to prevent money laundering to the world's highest level.
Korea Financial Intelligence Unit (KoFIU) of the Financial Services Commission in Seoul on Oct. 27 said the FATF decided on this at its general meeting from Oct. 21-25 at the headquarters of the Organisation for Economic Co-operation and Development in the French capital.
October 27 - A criminal investigation into suspected embezzlement and money laundering has been launched against two high-ranking officials of the Catholic Church in Greece and five nightclub owners in the Peloponnese, in the wake of a recent report by the Anti-Money Laundering Authority.
The investigation was triggered after a routine audit discovered a shortfall of nearly 3 million euros in the Catholic Church’s coffers, which were allegedly funneled as investments into nightclubs.
October 25 - A global anti-money laundering watchdog has added Lebanon to its “grey list” of nations that are subject to increased monitoring of financial transactions.
The Paris-based Financial Action Task Force (FATF) said on Friday that Lebanon had made progress on several recommended actions and would continue to implement reforms.