Discussion paper contemplates including lawyers in Canada’s AML regime
European regulators provide guidance to firms on AML compliance
The guidelines are part of European Union’s fight against money laundering and the financing of terrorism
Revisions aim to respond to growing concerns that financial institutions are exiting correspondent banking
Local laws could limit a firm’s ability to understand who their customers are
The group is also recommending various ways to help reduce the burden of complying with AML rules in a letter to Finance Canada
The penalty was significant as it was the first time FINTRAC has penalized a bank since it was given the authority to issue administrative monetary penalties in December 2008
Weaknesses among firms leave the financial sector vulnerable to abuse by financial criminals
The serious failings in Deutsche Bank’s AML controls allowed billions to be transferred from Russia to offshore accounts via the bank
Brokerage in Costa Rica used to help launder US$1 million in proceeds from a “pump and dump” penny stock fraud