31st August 2018
The United Kingdom and its key allies have entered into a fresh agreement to crackdown on illicit cash flows and corporate secrecy which will see their financial intelligence units step up their information sharing and aim to work more closely with the private sector. The partnership was agreed upon this… Read More
23rd July 2018
Canada’s housing agency has asked the country’s tax authority to take a “more direct and formal role” verifying income claimed on mortgage applications, part of a two-year plan to tackle mortgage fraud, documents obtained by Reuters show. Unlike tax authorities in the United States and the United Kingdom, the Canada… Read More
29th May 2018
Bank of Montreal (BMO.TO) and Canadian Imperial Bank of Commerce (CM.TO) said on Monday that cyber attackers may have stolen the data of nearly 90,000 customers in what appeared to be the first significant assault on financial institutions in the country. Bank of Montreal (BMO.TO), Canada’s fourth biggest lender, said… Read More
27th March 2018
Gold castings of the hands of South Africa’s first black President Nelson Mandela have been sold for $10m (£7m) in bitcoin. Canadian crypto-currency exchange firm Arbitrade bought four casts from South African businessman Malcolm Duncan. The firm said it planned to launch a global “Golden Hands of Nelson Mandela” tour… Read More
11th December 2017
CBC Canada’s privacy commissioner is opening a formal investigation into a 2016 Uber breach that compromised the personal information of tens of millions of the ride-hailing service’s users. Similar investigations have been launched by authorities in the U.S., U.K. and Australia, as well as numerous U.S. states, while a class-action… Read More
6th December 2017
By Sam Cooper, Vancouver Sun Preliminary recommendations from a review into B.C. casino money laundering allegations say that casino operators must complete increased customer source of funds reporting for big cash deposits and a controversial form of currency known as ‘bearer bonds.’ And secondly, government regulators must maintain a… Read More
14th November 2017
By Ella Wills, Evening Standard A transcript detailing an initiation ceremony into the Mafia in Canada has been released by the FBI. An undercover police agent was inducted into the Bonanno crime family, one of New York’s five crime organisations, as part of an organised crime probe into drugs, guns… Read More
3rd October 2017
By Ken Sweet, AP Credit report company Equifax said Monday that an additional 2.5 million Americans may have been affected by the massive security breach of its systems, bringing the total to 145.5 million people who had their personal information accessed or stolen. Equifax said the company it hired… Read More
27th September 2017
A buried 2016 report that flagged potential money laundering at Richmond’s River Rock Casino Resort is now attracting the attention of Canada’s financial intelligence unit. The Financial Transactions and Reports Analysis Centre (FINTRAC) has said it “is reviewing the report, on which it was not consulted, to determine whether any… Read More
25th September 2017
A casino south of Vancouver favored by wealthy Asian gamblers is under scrutiny for potential money laundering as large amounts of cash flow through the Pacific Coast city’s thriving real estate and gaming industries. The British Columbia government released on Friday a previously confidential July 2016 report that had investigated… Read More
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More