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

February 20 - New Delhi: American online payments gateway service provider PayPal has registered its operations with the Financial Intelligence Unit of India, about six years after a protracted legal battle ensued between the two entities. Official sources told PTI that the company has completed the formal procedure of being designated as a reporting entity under the Prevention of Money Laundering Act (PMLA) recently and has submitted the requisite documents to the Financial Intelligence Unit (FIU).
February 19 - On Feb. 7, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking (NPRM)1 in response to illicit finance risks identified in the U.S. residential real estate sector. If adopted, the proposed rule will have a sweeping impact on the real estate industry, requiring specific persons involved in residential real estate transactions to submit reports to FinCEN and maintain records of cash residential real estate transactions with legal entities or trusts.
February 19 - The British art market is under mounting pressure from anti-money laundering (AML) legislation. HMRC, the UK’s tax authority, fined at least 31 art market participants from 10 January 2021, when it began supervising the art trade, to 31 March 2023, the latest period for which data is available. Of the 31 published fines, 30 are listed in the 15 months beginning 1 January 2022—a rate of at least two fines per month. (HMRC data sometimes lags enforcement, meaning true figures for any period may be higher than initially reported.) The penalties were predominately triggered by failure to register with an AML supervisory body or provide information within allotted deadlines. The average fine for art market participants topped £5,000, while the highest single penalty rose to around £13,000.
February 19 - A mass sale of prized real estate seized in Singapore’s biggest money-laundering case is set to provide a key test of demand for a niche part of the financial hub’s property market. More than a dozen so-called shophouses, each worth millions of dollars, have been put on sale as the nation’s largest bank DBS Group Holdings Ltd. steps up efforts to reduce about S$100 million ($74 million) in exposure to the scandal, public listings show. At least five more marketed are linked to businesses that took loans from DBS, according to briefing materials and business filings seen by Bloomberg News.