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

May 24 - Trade Based Money Laundering (TBML) has been an area of concern for the Financial Action Task Force (FATF) as well as banking regulators in various jurisdictions for many years. The thought process behind this was that there are three main methods to move illicit funds or transfer its value – first through smuggling of cash, second through electronic transfers via the financial system, and third through the global trade system and movement of goods. The concern is that as governments and banks build better controls to combat the movement of funds through the first two methods, criminals and money launderers are increasingly turning to the third to achieve their objectives.
May 24 - TD Banking Group’s CEO said that not thwarting the money laundering activities of criminals targeting financial institutions is ‘unacceptable’ as a media report says staff have been sacked over the matter. The Canadian big six bank is under investigation by several U.S. authorities relating to its Secrecy Act/Anti-Money Laundering program which could cost the banking group as much as $2 billion in penalties according to some analysts.
May 23 - TD Bank on Thursday reported better than expected quarterly earnings helped by strength in Canada and its wealth management unit, even as its U.S segment struggled amid probes related to its anti-money laundering program. TD, Canada’s second largest bank, said net income at home rose seven per cent. This was helped by loan growth and newcomers opening accounts as it increased focus on the segment through a partnership with India’s HDFC bank to attract customers, such as students moving to the country.
May 23 - CEO Bharat Masrani addressed U.S. DOJ probe during bank's Q2 earnings call TD Bank CEO Bharat Masrani said during the bank's second quarter earnings call Thursday that it failed to thwart criminal activity on multiple occasions, following a tumultuous few weeks that saw several developments in the U.S. Department of Justice's (DOJ) probe into the troubled financial institution.