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

February 25 - A disgraced Montreal TV executive convicted of fraud is facing allegations from the Canada Revenue Agency (CRA) that he filed false tax returns and hid assets in offshore accounts in Bermuda and other foreign locations. In 2016, Ronald Weinberg was sentenced to nine years in jail after being convicted in a highly publicized trial of defrauding investors in Cinar, the children's entertainment production company that he co-founded in Montreal in the 1980s.
February 22 - The Cullen Commission’s investigation on money laundering activities in British Columbia casinos is coming to an end. After six weeks of hearings and testimonies, the jury is still out whether the enormous cash amounts used in the casinos were subject of money washing by organized crime groups. The inquiry has failed to provide any solid evidence or facts of the alleged crimes. Despite no direct admission or proof of corruption, the inquiry heard from testimonies of authorities’ failure and unsuccessful policy and law enforcement. This was a result of massive miscommunication, bureaucracy, and even deliberate ignorance. Commissioner Austin Cullen is now burdened with the uneasy task of coming up with a verdict on the extent, growth, evolution, and methods of money laundering in six sectors of the economy including gambling.
February 22 - A Sydney man has been arrested for money laundering after allegedly trying to use a criminal syndicate to convert nearly $5.5 million in cash into bitcoin. Yi Zhong, 30, was refused bail by the Burwood Local Court on Monday as he faced drug-dealing and money-laundering charges.
February 19 - According to the United Nations Office of Drugs and Crime, $800 billion to $2 trillion dollars every year goes through the criminal process of money laundering. Although regulators and financial institutions are working hard to prevent and reduce the crime, it's still a costly and prevalent issue. It would seem that in a world that is becoming so reliant on digital payments that the issue of money laundering would be less, but consider why criminals launder money in the first place.
February 18 - RCMP claim to have significantly disrupted a highly-organized group of people involved in inter-provincial drug trafficking and money laundering. On February 11, the RCMP NL Federal Serious Organized Crime Unit—with assistance from the RCMP NL Emergency Response Team, Holyrood and Harbour Grace Detachments, the Royal Newfoundland Constabulary, and the Ontario RCMP Federal Serious and Organized Crime Unit—executed search warrants at five residences. The seizures involved two homes in St. John’s, one in Torbay, one in Etobicoke, and one in Mississauga.
February 17 - FINTRAC has updated its guidance on politically exposed persons and heads of international organizations, ongoing monitoring requirements and business relationships requirements to include regulatory amendments that will come into force on June 1, 2021.
February 17 - A Mississauga man is set to plead guilty to a federal charge which U.S. investigators say is tied to a major global effort by three North Korean cyber spies to steal from major banks retaliate against foreign media companies who ridicule the regime and help Kim Jong-Un evade sanctions. On Wednesday, the U.S. Department of Justice named three North Korean hackers - Jon Chang Hyok, Kim Il and Park Jin Hyok – who allegedly engaged in a variety of schemes that included the 2014 cyber attack on Sony Pictures in retaliation for their North Korean-themed parody movie “The Interview,” starring Seth Rogen and James Franco.