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

February 23 - Several Ontario and Quebec residents face numerous charges following a multi-jurisdiction investigation into illegal firearms and the trafficking of illegal drugs in Ontario, Québec and the United States. At a news conference today, OPP Deputy Commissioner Rick BARNUM and representatives from the project’s partner agencies unveiled details of the investigation and samples of the evidence seized during the 18-month probe. Project SILKSTONE was conducted by OPP Organized Crime Enforcement Bureau (OCEB) in partnership with the Royal Canadian Mounted Police (RCMP), Sûreté du Québec, Service de Police de la Ville de Montréal (SPVM), Canada Border Services Agency (CBSA), and the United States Drug Enforcement Agency (DEA). The investigation was also supported by The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Members of the OPP Emergency Response Team, OPP OCEB, Peel Regional Police Tactical and Rescue Unit, and the Toronto Police Service Emergency Task Force (ETF) assisted with executing the search warrants. Several search warrants were executed earlier this week at locations across southeastern Ontario, the Greater Toronto Area and Montréal, Québec.
February 22 - Federal regulations meant to catch illicit money flooding into luxury real estate are set to expire on Thursday, leaving the future of the so-far successful initiative in limbo. The federal government launched the program a year ago in two municipalities—Manhattan and Miami-Dade County, luxury real estate hubs where all-cash buyers of multimillion-dollar homes commonly hide their identities behind obscure limited liability companies, known as “shell companies.” But the pilot program ends this week, and the federal government has given no indication of whether it will be continued, replaced or scrapped despite comments from top officials in the past about its effectiveness.
February 22 - NEW DELHI: Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits, the CBDT today said. The Central Board of Direct Taxes (CBDT), the policy- making making body of the department, issued specific guidelines to ascertain if a particular cash deposit is genuine or not and with a view to "maintain consistent approach during verification" under'Operation Clean Money' where 18 lakh people were contacted by the taxman.
February 21 - HSBC Holdings (0005) has made a provision US$773 million for tax and money laundering-related investigations, the bank said. These investigations include the Argentine tax authority's criminal action against various individuals, including current and former HSBC employees in November 2104. The criminal action includes allegations of tax evasion, conspiracy to launder undeclared funds and an unlawful association among HSBC Swiss Private Bank, HSBC Bank Argentina, HSBC Bank USA and certain HSBC employees, which allegedly enabled numerous HSBC customers to evade their Argentine tax obligations, the bank said.
February 21 - The Senate, on Monday, asked the Economic and Financial Crimes Commission to investigate officials of the Central Bank of Nigeria and the Nigerian National Petroleum Corporation over alleged racketeering in foreign exchange transactions. The lawmakers also urged the EFCC to identify owners of mansions in highbrow areas of Abuja, alleging that several senior officials in Ministries, Departments and Agencies of government had become billionaires through corrupt enrichment.
February 21 - Canada’s financial watchdog has sent more than 100 disclosures to police in the past year on human trafficking in a quiet new initiative that targets traffickers by following their money. Project Protect is a partnership between the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC), financial institutions and law enforcement that is using money trails to detect and investigate traffickers. Banks’ anti-money laundering arms are starting to red flag suspicious accounts, based on indicators such as multiple motel bookings, large expenditures at drug stores and frequent ATM deposits in the middle of the night. They report suspicious activity to FinTRAC, which in turn notifies law enforcement.