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
March 16 - A federal jury in San Francisco has convicted Rowland Marcus Andrade, the founder and CEO behind AML Bitcoin, of wire fraud and money laundering. The verdict follows a five-week trial before Chief U.S. District Judge Richard Seeborg, during which prosecutors demonstrated that Andrade misled investors about the cryptocurrency’s development, potential business deals, and its expected release.
March 16 - The federal government is expanding its financial surveillance efforts, targeting cash transactions over $200 in select border communities, including El Paso. The new Geographic Targeting Order (GTO) issued by the Treasury Department will require businesses that fulfill money orders and cash checks to report any transaction over $200 to the Treasury’s Financial Crimes Enforcement Network. This order applies to specific ZIP codes in California and Texas and aims to combat money laundering by Mexican cartels.
March 16 - Sri Lanka has hired a foreign consultant to prepare for regional scrutiny of its regime against the economic crime of money laundering and terrorism financing after repeated failures to fully comply with global standards. It has negotiated breathing space until next year for the purpose.
Dr. Gordon Hook, a barrister and the former Executive Secretary of the Asia/Pacific Group on Money Laundering (APG), has been hired as a consultant by the Central Bank of Sri Lanka (CBSL). He had visited Sri Lanka in September 2023 as a part of its delegation.
March 14 - A Bank of America insider is pleading guilty to boosting a global money laundering conspiracy that aided drug traffickers and other illegal businesses, according to the U.S. Department of Justice (DOJ).
The DOJ says former Bank of America employee Rongjian Li was a member of a money laundering and drug trafficking outfit headed by Jin Hua Zhang.
March 14 - A California man has been sentenced for his role in using Bitcoin to launder the proceeds of an operation selling MDMA on the dark web.
John Khuu, 29, of San Francisco, California, was sentenced to 87 months in federal prison after pleading guilty to conspiracy to commit money laundering and conspiracy to operate an unlicensed money-transmitting business.