May 13 - Mortgage fraud in Canada has surged in recent years, raising deep concerns across multiple sectors. Anxiety is soaring among lenders as they face rising losses and inflated property prices. Meanwhile, organized criminal actors are overwhelming regulators and law enforcement. Several complex factors are behind the growing crisis, including pressures from housing affordability, rising interest rates, and the lingering effects of the COVID-19 pandemic. Fighting back against mortgage fraud will require effective government policies and improved coordination between public and private sector actors.

May 13 - A money services business in Toronto is being sanctioned for alleged compliance failings by the federal anti-money laundering authority, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The agency announced that it imposed a monetary penalty of just under $250,000 on Marouf Management Inc., based on the findings of a compliance review in 2023, which found that the firm allegedly committed several regulatory violations.

May 12 - Nearly three years after the Cullen commission into money laundering made two key recommendations, one to create a special investigation unit and the other to create an independent commissioner, neither has been implemented. And the B.C. government still won’t say whether the two key recommendations will be carried out.

May 09 - The Swiss federal prosecutor has appealed against a court decision to acquit collapsed lender Credit Suisse, now part of UBS (UBSG.S), opens new tab, in a money laundering case of a Bulgarian cocaine trafficking gang, reviving the legal issue for the bank. In a ruling seen as a test case for the prosecution of banks, Credit Suisse was initially found guilty of failing to do enough to stop the laundering of profits through the lender from 2004 to 2008.

May 11 - It's a High Street staple that's existed for nearly 400 years, but why are money launderers turning to the Post Office to wash their dirty cash? Thousands of legitimate businesses and tradesmen around the UK rely on the chain's Everyday Banking service, which allows them to use its counters to deposit cash into the accounts they hold with banks.