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 22 - In order to protect the international financial system from money laundering and terrorist financing risks, the Financial Action Task Force (FATF) issued two statements on February 23, 2018. In its February 23, 2018 Public Statement, FATF remained concerned by the Democratic People’s Republic of Korea’s (DPRK) failure to address the significant deficiencies in its anti-money laundering and combatting the financing of terrorism (AML/CFT) regime and the serious threat this poses to the integrity of the international financial system Footnote 1. Further, FATF has serious concerns with the threat posed by the DPRK’s illicit activities related to the proliferation of weapons of mass destruction (WMDs) and its financing.
March 20 - We’ve heard many times that one of the main uses of Bitcoin was for money laundering. Well, a study has been done noting that is very much so true, and it’s not for activities you may think. While many think of money laundering being an activity associated with hiding drug money, in the world of cryptos, the activity is increasingly being done to convert stolen gains into video game currency.
March 20 - After several years in which the cryptocurrency industry operated largely without supervision—years which were either the Golden Age or the Wild West, depending on your perspective—governments around the world are beginning to take steps towards the regulation of virtual money. Canada, in particular, is poised to become a global hub for the cryptocurrency industry, and new regulations in the space will undoubtedly impact businesses here.
March 19 - Cybercriminals are turning to cryptocurrencies like Bitcoin to convert illegal revenue into clean cash, new research shows. Cybercriminal proceeds make up an estimated 8 to 10 percent of total illegal profits laundered globally, according to research released by Bromium, a cybersecurity firm. That slice of illegal profits amounts to an estimated $80 billion to $200 billion each year.
March 19 - Latvia has vowed to overhaul its offshore banking system and drastically reduce foreign deposits as it tries to appease US and European regulators following accusations of money laundering and breaching sanctions against North Korea. The country's finance minister and its main regulator told the Financial Times that bank deposits from foreigners — often from Russia and other ex-Soviet states — would be slashed from 34 per cent of the total to just 5 per cent within the next six months.
March 19 - Standard Chartered has been slapped with a 5.2 million Singapore dollar (£2.8 million) fine for breaching anti-money laundering and anti-terrorism funding regulations. The fine, meted out by the Monetary Authority of Singapore, relates to transfers from the lender’s Guernsey operations to its counterpart in the Asian nation in 2015 and 2016.
March 16 - The lifeblood of criminal enterprises all over the world is revenue. Money fuels terrorists, transnational criminal organizations, and crooked kleptocrats. These criminals need to launder their ill-gotten gains. Although this dirty money often comes from the most corrupt, unstable countries in the world, it often ends up—ironically—in the United States.