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

July 24 - Britain's markets watchdog published the remit on Monday for a new "supervisor of supervisors" that will check if anti-money laundering and terrorist financing rules are being applied properly by 200,000 lawyers and accountants. The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) was called for by the government and will seek to improve coordination among supervisors of anti-money laundering and terrorist financing rules and law enforcement.
July 23 - Brussels has rebuked national governments in the EU for failing to apply rules aimed at making it harder for terror organisations and criminal gangs to hide their money by shifting it around European countries. Vera Jourova, the EU justice commissioner, told the Financial Times that as many as 17 EU countries may have failed to put the rules in place on time, despite them having more than two years to do so. The measures require countries to set up national registers showing the ultimate “beneficial owners” of companies, which can then be accessed by authorities throughout the EU.
July 21 - Peel Regional Police have completed a joint investigation that has resulted in the arrest of sixteen individuals, the seizure of a firearm, a quantity of drugs with a street value of nearly three million dollars, and a large quantity of Canadian currency. The joint investigation dubbed ‘Project Cartella’ was a partnership with Halton Regional Police, York Regional Police, Ontario Provincial Police and support from FINTRAC.
July 21 - While remittance costs have declined over the last decade, a new working paper coming out of the International Monetary Fund (IMF) indicates that costs are climbing again because of correspondent banking challenges. The paper, published in June, examines recent trends in outward migration from, and remittances to, Latin America and the Caribbean - LAC - as well as their costs and benefits.
July 20 - TUCSON - The money laundering saga surrounding the Pima County Sheriff's Department has taken another turn. The Arizona Attorney General's Office is now investigating the misuse of RICO funds in the department. This comes several months after former chief deputy Chris Radtke faced several felony charges that were knocked down to three misdemeanors.
July 19 - Asia is a fast-growing region that has seen financial transaction volumes and international trade boom over the last few decades. Along with the growth of financial services, we have also seen a rise in the level of financial crime, especially money laundering. The move towards digital payments across the region has changed the way money laundering occurs, and it is becoming more difficult to trace it when money is flowing across several jurisdictions in a small period. For financial institutions, the situation is further complicated by the number of anti-money laundering (AML) solution vendors in the market.