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 09 - In an attempt to stop money laundering and the funding of terrorists, New Zealand Ban Bitcoin ATMs in the nation. These devices are dangerous instruments for illegal activity, according to authorities, because they allow cash transactions without what they believe to be sufficient identity checks. In order to restrict other avenues for money transfers, the authorities also implemented a $5,000 ban on overseas cash transactions in addition to closing 220 ATMs.
July 09 - The Limassol criminal court on Wednesday sentenced a former Pattichion theatre director to five-and-a-half years in prison for theft and money laundering, between 2017 and 2020.
The former director Vasos Argyrides, 65, was found guilty of the misappropriation of €234,550 in entertainment tax revenue, ticket sales and producer payments.
July 09 - Global money laundering and terrorist financing watchdog Financial Action Task Force (FATF) explained how terrorists abused the e-commerce platform Amazon and fintech company PayPal to conduct terror strikes in India. In its report titled ‘Comprehensive Update on Terrorist Financing Risks’, the FATF cited that terrorists used such platforms to help raise, move, and manage funds and other assets.
July 08 - A Calgary man whose wife was killed in an attack that left him with a gunshot wound to the face has finally admitted to helping the leader of an organized crime syndicate launder more than $800,000.
Talal Fouani, 48, was charged in June 2022, in connection with a massive, cross-border drug trafficking operation dubbed Project Cobra, involving Mexican cartels. Police seized more than 800 kilograms of methamphetamine and cocaine worth about $55-million in four separate drug busts.
July 07 - Canaccord Genuity Inc. has paid a $544,500 penalty after Canada’s financial crime watchdog found the firm failed to report transactions that could be linked to money laundering or terrorist financing, according to the Financial Transactions and Reports Analysis Centre of Canada (FinTRAC).
The Canadian Press reports that FinTRAC found the Vancouver-based investment dealer violated several provisions under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.