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 14 - Analysis of global AML penalties between 1 January and 31 December 2019 by automated Know Your Customer (KYC) solutions firm Encompass Corporation found that a total of $8.14bn of fines were handed down for a total of 58 AML-related breaches. Regulators in the US were most active, handing out 25 penalties totalling $2.29bn followed by the UK with 12 fines totalling $388.4m while the largest single monetary fine was $5.1bn in France. This was down to Swiss bank UBS after it was found guilty of illegally soliciting clients and laundering the proceeds of tax evasion.
January 13 - Money laundering and fraud cost UK businesses, citizens and the government more than £100 billion a year, according to the National Crime Agency. The effects can have a devastating impact on ordinary people as well as businesses and the government. The following cases show the huge sums of money that can be involved plus the massive fines that have been given to firms who are in breach of anti-money laundering rules.
January 10 - Art dealers around the UK returning from their holiday breaks this week are in for a rude awakening. A new set of regulations designed to combat money laundering snuck through parliament just before Christmas, and are taking effect today. The new rules involve a slew of onerous administrative requirements, enhanced due diligence checks on clients, as well as the reporting of any suspicious transactions to the government. Amid the scrum, fears are mounting that the new requirements could disproportionately affect small businesses and make the London art market less attractive.
January 09 - With almost no warning, on the last working day before Christmas the UK Parliament implemented the European Union's stringent 5th Money Laundering Directive. The new regulations take effect tomorrow, 10 January 2020, with major consequences for UK art market players. Aside from some of the largest galleries and auction houses, many will be unprepared for the regulations, given there has been very little opportunity to see the rules in their final form. Despite a consultation paper in April 2019, an official response never materialised. Instead, the regulations take a “principles-based approach”, appearing to re-use many of the EU Directive's provisions without providing further detail on their scope and application.
January 09 - A commission charged with looking into British Columbia's money laundering problem has confirmed the dates for its public hearings. In an email Thursday, the Cullen Commission of Inquiry into Money Laundering in British Columbia said it will begin hearing opening statements from stakeholders — participants granted formal standing at the hearings — over the course of four days beginning Feb. 24, at the Federal Court of Canada in Vancouver, B.C.
January 08 - Incoming EU-level reforms to anti-money laundering laws are set to take legal effect on January 10, introducing new requirements for banks handling transactions linked to high-risk countries. EU member states are expected to write the 5th Anti-Money Laundering Directive (5AMLD) into national law by the end of this week, tightening controls around the illicit movement of funds. The UK and Germany are among those set to introduce the new rules on time.
January 07 - The chief of casino gaming at the British Columbia Lottery Corporation (BCLC) was denied special standing status Monday at the ongoing public inquiry into money laundering in the province, which remains in a nascent stage. Brad Desmarais, BCLC vice-president of casino and community gaming and the interim vice-president of legal compliance and security, had sought standing status at the Commission of Inquiry into Money Laundering in British Columbia because he “played a significant role in the regulation of gaming and casinos for several years” at BCLC, according to commissioner Austin Cullen.