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

August 19 - The Saskatchewan government is set to introduce amendments to protect against criminal acts like money laundering— even if it's a bit late. Money laundering is estimated to be worth $6.5 billion across Saskatchewan and Manitoba alone, according to a report from former B.C. attorney general and Simon Fraser University professor, Maureen Maloney. Across Canada, Maloney estimates $46.7 billion was laundered in 2018.
August 19 - Vera Jourova, EU's commissioner for justice, said a new methodology would be used to decide which territories are to be included in the new money laundering list. The former list was torpedoed in February by several EU member states after pressure from Saudi Arabia and the United States. Governments led by the UK, Germany and France complained they had been blindsided by the initiative and said the list was not drawn up in a "transparent and credible process".
August 19 - In Liang v RBC Trustees (Guernsey) Limited 20/2018 the Royal Court had to consider for the first time a private law claim dealing with the effect of Guernsey's "no consent" AML regime. Just over one year on from the judgment, the outcome of this decision still has serious consequences for regulated financial services businesses in Guernsey who are impacted by the AML regime and will be of interest to other common law financial centres dealing with similar issues. Appleby (Guernsey) LLP advised the Plaintiff.
August 19 - The nation's anti-money laundering regulator warns it is likely to take more action against Australia's top financial institutions after being "flooded" with reports of potential breaches following its landmark case against the Commonwealth Bank. Austrac chief executive Nicole Rose said the 2017 case against CBA over its mass breach of anti-money laundering and counter-terrorism financing laws – which resulted in a record fine of $700 million – had triggered a sharp lift in "self-disclosure" from the companies it regulates.
August 15 - One of the biggest knocks against cryptocurrency has always been its status as a refuge for tech-savvy criminals. Even as some bigger players—particularly exchanges that handle many billions of dollars in crypto-wealth each day—have gone out of their way to play nice with regulators, the image persists, in part because some crypto firms have evaded regulators by moving to jurisdictions that are less strict.
August 09 - What should we expect from the looming provincial one-man commission of inquiry into money-laundering? Named on May 15 by Premier John Horgan, Commissioner Austin Cullen is charged with looking at the full scope of money-laundering including through the real estate sector, gambling, financial institutions and the corporate and professional sectors.
August 09 - Regulators across the globe and in the United States are taking a tougher stance on Bitcoin and other cryptocurrencies ever since the news broke that Facebook would be launching a crypto asset of their own, sparking widespread outrage and concern. While power and privacy are the main concerns over Facebook’s libra crypto token, Bitcoin and the rest of the crypto market is being given a bad rap for its involvement in illicit crimes, such as ransomware, tax evasion, and money laundering. To further combat money laundering facilitated through crypto assets, 15 different countries have come together to create a crypto monitoring system.