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

September 14 - Hong Kong customs has arrested five members of a family accused of laundering more than HK$3 billion (US$387 million) through over 100 personal bank accounts, along with the owner of a money exchange business, in the biggest case of its kind. According to investigators, the family, which consists of the parents, two sons, and a daughter, had funnelled the cash through their accounts, which they had opened at nine different banks to deal with the HK$3 billion in suspected crime proceeds since 2018.
September 14 - An attempt to money launder over $350,000 at North Carolina’s Harrah’s Cherokee Hotel and Casino led to seven suspects being charged last week and federal officials seizing a total of $2.1 million. According to a recently released federal indictment, two of the suspects and a third man went to the gaming property, located in Cherokee, sometime in the last year. The trio, each from South Carolina, was identified as Derick Keane and Jeremy Brandon Latourneau, both 43 and of Spartanburg, and Roosevelt Hunt of Moore.
September 13 - Money laundering (also known as “money mule”) scams have been around for a long time, but have been gaining in frequency during the Covid-19 pandemic. That’s because many of us are quarantined at home, spending more time online, where many of these scammers prey. Three of the most-popular money mule scams involve online love interests, work-from-home jobs, or lottery or prize winnings. Consider any offers or invitations to send or receive money in these scenarios suspect until thoroughly vetted. Any of these scams can result in you inadvertently laundering or passing on stolen money – and possibly facing financial or legal consequences.
September 11 - B.C. Supreme Court has stipulated that a Mexican businessman must produce documents within 30 days in a B.C. forfeiture case. The case involves two Kelowna-areas properties the province alleges were used to launder money linked to a $200-million plus international stock fraud.
September 09 - A new report by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) says cryptocurrency is seldom used for money laundering activities compared to fiat or other traditional methods. Despite the perception that crypto assets are a preferred haven for illegally acquired funds, criminals prefer to launder proceeds through mules, front companies, or cash businesses as well as investing it into crime, it said.
September 08 - The trade in exclusive watches is becoming the money laundering operation of choice for criminals, with legitimate dealers aiding and abetting the crime, the Telegraaf reported on Tuesday. Expensive watches can fetch hundreds of thousands of euros and are used to launder money, as gifts, payment or rewards for criminal services rendered, the paper said. Brands like Rolex and Audemars Piquet are favourites.
September 07 - Despite being considered a cybercrime haven, cryptocurrencies play a very small role in laundering funds obtained from bank hacks; the SWIFT financial organization said in a report last week. "Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods," said SWIFT, the organization that runs the SWIFT inter-bank messaging system used by almost all banks across the world to wire funds across borders.