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

January 16 - DUBAI: Firms based in Dubai International Finance Centre should focus more on reducing the risks of trade-based money laundering (TBML), a report from the Dubai Finance Services Authority (DFSA) said. The DFSA Trade Finance Report 2016 indicates that although senior management in some firms are aware of the risks of TBML, they have not created policies to guide lower-level staff, resulting in limited oversight. And in some cases risk owners are not involved or informed of potentially risky transactions conducted by customers.
January 13 - Thiruvananthapuram: A police probe into the alleged suicide of an elderly man at Nedumangad led the cops to five members of a money laundering racket. Police recorded their arrest on Friday. They were identified as Shajimon, 31, Al Ameen, 28, Ameer, and Nishad, 28, of Balaramapuram and Shajahan, 34, of Aruvikkara. The gang leader Shajimon was a leader of SDPI in Balaramapuram and Shajahan, an office-bearer of local committee of Youth Congress in Aruvikkara.
January 13 - Banks and trust companies can do much more to prevent corruption, such as money laundering and fraud, in football, the Dutch central bank DNB concluded after investigating how financial firms deal with the risk of shady practices in football, the Volkskrant reports. Large sums of money are often moved about in the football world, according to the bank. "In combination with other factors such as a closed culture, perverse incentives, potential conflicts of interest and the possible use of corporate structures to conceal cash flows, this makes the sector vulnerable to money laundering and other integrity risks", DNB wrote. Transactions on the transfer market are especially vulnerable due to a lack of transparency, the bank wrote, according to the newspaper.
January 12 - A proprietor of a gold bullion firm has been arrested by the police probing the case of generating fake and fictitious advance payment receipts for depositing unaccounted money in banks after demonetisation. Central Crime Station, a wing of the Hyderabad Police, on Wednesday apprehended Neel Sunder Tharad, the proprietor of M/s Astha Lakshmi Gold Bullion located at Secunderabad.
January 10 - Canada’s oversight body for suspicious financial activity is calling for heightened vigilance to detect money laundering via real estate. Recent guidance from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) sets out 39 indicators that should prompt parties involved in facilitating real estate deals to contemplate purchasers’ or vendors’ motives. “FINTRAC, through its compliance examinations, has observed deficiencies in most aspects of the real estate sector’s compliance programs that render it more vulnerable of being used by criminals to launder illicit funds,” states a briefing document released in November 2016. “Although illicit funds seem to be laundered primarily through residential homes, corporate properties also play a role.”