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Canada Parliament Building and clock tower at night

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

Adoption of big regulatory changes must avoid unintentional harm

The group is also recommending various ways to help reduce the burden of complying with AML rules in a letter to Finance Canada

Manulife confirms FINTRAC fined its banking unit $1.15 million last year

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