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 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.
June 05 - Vancouver has cryptocurrency growing pains. The city’s police labeled Bitcoin ATMs an “ideal money laundering vehicle,” and its mayor has even suggested a complete ban. Experts and local businesses have instead called for federal money services regulations to be changed to include Bitcoin ATMs, reports The Star.
June 03 - Recommendations on how to combat money laundering in British Columbia and Canada have stacked up in the past year. There are 122 recommendations generated by three independent reports and a fourth from a federal parliamentary committee. The recommendations are meant to eliminate regulatory gaps, bring transparency to property ownership, improve co-operation among agencies and enhance criminal investigations and prosecutions.
November 30 - The jurisdiction has now explicitly explained the concept of virtual assets for anti-money laundering purposes. The bill defines virtual assets as a "digital representation of value that can be digitally traded or transferred, and can be used for payment or investment purposes".