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
December 22 - The cost of doing business is set to go up, dramatically, for companies that don’t keep a close eye on anti-money laundering obligations.
A broad range of firms that handle large transactions, from jewellers to big banks, face potential penalties 40 times higher than existing rates. The changes are part of Bill C-12, which passed in the House of Commons on Dec. 11 and is waiting for a final stamp of approval from the Senate.
December 22 - Criminals are increasingly recruiting young people on social media to become “money mules”, with official figures showing that cases are rising sharply.
“Money muling” is a type of money laundering in which criminals move stolen or fraudulent money via an intermediary, who receives it in their bank account before transferring it to another, obtaining a commission along the way.
December 22 - Polaszczyk is a former officer of the Military Intelligence Services and served on the board of SKOK Wołomin, a cooperative savings and credit union near Warsaw, where he was also vice-chairman of the supervisory board.
According to the court, he co-led an organised criminal group that laundered funds from SKOK Wołomin and made it a permanent source of income.
December 21 - The Shenyang Public Security Bureau in Northeast China's Liaoning Province have dismantled an illegal business operation ring led by a suspect surnamed Tong , acting on a tip from US authorities, China's Ministry of Public Security (MPS) announced on Sunday.
In April 2024, a tip-off provided by the US indicated that Tong, a Chinese national, was suspected of money laundering for drug traffickers. Upon receiving the information, the MPS promptly directed the Liaoning provincial public security department to verify it.
December 19 - Federal regulators have slapped a cryptocurrency dealer with a $536,853 penalty after uncovering serious compliance failures tied to suspected money laundering and terrorist financing, marking one of the largest fines levied against a crypto firm since Ottawa began regulating the sector in 2019.
Blacklock's Reporter says the Financial Transactions and Reports Analysis Centre of Canada says the penalty was issued following a compliance examination that revealed multiple breaches of the Proceeds of Crime and Terrorist Financing Act.