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

October 18 - As the proposed extension of the Bank Secrecy Act (BSA) to the arts and antiquities market awaits consideration on the United States House of Representatives floor, proponents of the art market are building consensus against the bill among both moderates and conservatives. A recent symposium convened by Case Western Reserve University and the Fashion Institute of Technology (FIT) gathered art market experts with lawyers and money laundering specialists to discuss how prevalent financial malfeasance is in the industry.
October 17 - Of the almost 60,000 reports of money laundering in Germany in 2017 only 474 cases resulted in judgements, sentences and indictments. How is Germany fighting against the money laundering which is financing terrorists and criminals in Europe and beyond? The issue has become particularly evident in Germany’s capital of Berlin. Members of an clan of Arab origin were said to have stolen €9 million from a savings bank, as well as a huge gold coin from the Bode Museum.
October 17 - Scandinavian countries have created a "permissive environment" for money laundering, Bill Browder told CNBC Wednesday, shortly after the prominent Kremlin critic accused Nordea Bank of fraud, falsification and dishonest conduct. Nordea became the latest large Nordic bank to be accused of alleged money laundering scandals on Tuesday, when Browder's Hermitage Capital Management asked Swedish and Norwegian authorities to investigate as much as $175 million of potentially illicit funds.
October 17 - ISLAMABAD: The PTI government plans to constitute a task force aimed at combating money laundering and terror financing. Geo quoted sources saying Prime Minister Imran Khan is likely to approve the establishment of the task force to stop money laundering.
October 15 - Ireland’s financial system must remain alert to the possibility that “bad actors”, such as terrorists or drug cartels, may try to launder their ill-gotten gains through Irish banks, an international banking compliance expert has warned. Irish-born Eoin O’Shea, the former global head of compliance at Credit Suisse, runs the international consultancy Temple Grange Partners. He was speaking in Dublin where he is training compliance executives from major Irish banks.
October 10 - New York state financial regulators on Wednesday fined the Dubai-based Mashreqbank $40 million, saying it cleared millions of high-risk transactions with scant safeguards against money laundering and terrorism finance. The bank's New York branch kept shoddy records and had internal controls that were not sufficient to prevent violations of US sanctions, according to the New York Department of Financial Services.
October 10 - China's central bank on Wednesday issued anti-money laundering and counter-terrorism financing regulations for online financial institutions, as part of Beijing's efforts to rein in financial risks. The institutions must set up internal control mechanisms for combating money laundering and terrorism financing, follow "know your customer" (KYC) rules, and report large and suspicious transactions in a timely fashion, the central bank said.