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

June 17 - Embattled Liberal MP Joe Peschisolido continues to claim he has never been involved in a controversial legal service known as a bare trust agreement and that he did not participate in a secretive transaction completed by his law firm in 2011 that might have helped an alleged “drug boss” from China launder money in a Coquitlam, B.C., condo deal.
June 13 - The federal government is committing another $10 million to the RCMP in a bid to crack down on money laundering and criminal financing and to bring cases to trial. Federal Finance Minister Bill Morneau announced the funding in Vancouver, Thursday, after a meeting with provincial and territorial counterparts to discuss national strategies to address the issue of dirty money.
June 12 - On paper, Peter Zhang and his wife, Judy Wang, were models for the type of newcomers Canada wanted to attract with its immigrant investor program. Before it was scrapped in 2014, the program’s aim was simple: lure the world’s wealthy to Canada’s shores with the promise of a passport. In return they would bring their business savvy, invest in the economy and create jobs. Zhang and Wang were undeniably rich. They arrived from China at the end of 2010 with at least $6 million, settling in the suburbs north of Toronto. But almost immediately after, a twisting tale was set in motion that would eventually see Wang accuse a realtor, a lawyer and others of fraud and negligence, and prompt an Ontario judge to raise questions about both the source of Zhang and Wang’s wealth and a string of real estate and mortgage transactions tied to the case.
June 10 - A couple of months ago the Better Business Bureau issued a warning about a so-called Canadian company that may have been tricking people into applying for jobs, only to use them to launder money. CTV News investigated and the operation shut down. Now the BBB says it appears to have started up again under another name. It starts out with the promise of a job. Nadine Croxen of Edmonton was contacted after she posted her resume online.
June 09 - One of the main themes to be discussed at the G-20 Financial Ministers and Central Governors Meeting this weekend has to do with money laundering and cryptocurrency. What kind of agreement would be a surprise? Even for the purpose of introducing Anti-Money Laundering (AML), should we allow our financial privacy to be compromised? Alexander Zaidelson, the CEO of Beam, shared his views with Cointelegraph.
June 07 - A European Union (EU) official has revealed that the European Commission (EC) is taking a close look into past money laundering cases at EU banks to determine if current rules need to be changed. The official told Reuters that the EC is reviewing cases between 2012 and 2018 in an effort to identify how banks fell short in preventing the crimes. It is also looking into cases of financial institutions (FIs) that collapsed after money laundering scandals, including Latvia’s ABLV and Malta’s Pilatus. Deutsche Bank and Société Générale are also among the screened lenders. In 2017, Deutsche Bank was fined $425 million in the U.S. regarding a scandal that moved $10 billion out of Russia between 2011 and 2015, while Société Générale paid $95 million related to a dispute in the U.S. over violations of anti-money laundering regulations.
June 07 - Mexico’s financial crimes unit chief is seeking money laundering charges against a total of 25 firms and people allegedly involved in sending food to a government-aid program in Venezuela. The criminal complaints against the companies and people were filed with Mexico’s attorney general’s office, Santiago Nieto, head of the Mexican Finance Ministry’s financial intelligence unit, said in an interview. “I presented three accusations,” which brought the total of firms and people to 25, he said, declining to comment further on an ongoing investigation.