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

July 15 - BitMEX has pled guilty to violating the Bank Secrecy Act (BSA) by failing to establish an adequate anti-money laundering (AML) program. This development is part of a case overseen by U.S. District Judge John G. Koeltl. Federal prosecutors stated that BitMEX operated without a meaningful AML program from 2015 to 2020.
July 15 - More than a year after the B.C. government trumpeted new provincial oversight of money services businesses, which include currency exchanges, there has been little progress in putting the new law into force. In 2023, Premier David Eby’s government introduced new legislation to monitor and regulate money services businesses through the B.C. Financial Services Authority because the businesses can be conduits for money laundering.
July 15 - ‘Crypto’ has helped money launderers wash nearly $100 billion worth of the illicit proceeds of crime since 2019, according to a new Chainalysis report. On July 10, the blockchain sleuths at Chainalysis issued a new Money Laundering and Cryptocurrency Report (summary and link to download full report here). The report details the extent to which money launderers use blockchain technology “to launder funds from a broader range of illicit activities beyond the conventional understanding of crypto crime,” including narcotics trafficking and fraud.
July 11 - On June 28, 2024, The U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) released a notice of proposed rulemaking (the “Proposed Rule”) that would amend FinCEN’s anti-money laundering (“AML”) program rules for financial institutions. The federal banking agencies also released a proposed rule that would harmonize those agencies’ AML program rules with FinCEN’s proposed regulations. The proposed amendments formalize and harmonize existing regulatory expectations under the Bank Secrecy Act (“BSA”), and implement portions of the Anti-Money Laundering Act of 2020 (“AMLA”). Some financial institutions would need to make only limited changes to comply with the proposed rule; others, and non-banks in particular, may need to make more significant adjustments.