Today, the Paris-based Financial Action Task Force (FATF) released its long anticipated revised set of standards for anti-money laundering (AML) and counter terrorist financing (CTF) which replace the 40 Recommendations + 9 Special Recommendations compiled in 2003. The revised FATF Recommendations integrate AML and CTF controls into one document and are quite expansive in that they [...]
The U.S. Department of the Treasury has designated two money services businesses in Afghanistan, the New Ansari Money Exchange (and its alleged founder Haji Abdullah Ansari) and the Ahmad Shah Money Exchange (and its alleged owner Ahmad Shah Hakimi), as major money laundering vehicles that facilitate the trafficking of drugs out of Afghanistan. The designation [...]
The Québec government has introduced new legislation to fight money laundering at the provincial level in the Assemblé nationale. Bill 128, an Act to Enact the Money Services Businesses Act, will require that persons operating ATMs or providing currency, exchange, funds transfer, travellers cheque issuing and cashing, bank drat issuance or cheque cashing services, be registered [...]
According to this article in the Toronto Star, FINTRAC is working with the FATF to evaluate money laundering and terrorist financing risks associated with prepaid cards, mobile payment services and Internet based payment services. The FATF will be collating information from cases where mobile and Internet based payment services were used to launder funds or [...]
FINTRAC, Canada's financial intelligence unit, has assessed relatively minor penalties against two money services businesses. Sutlej Foreign Exchange Inc., an Ontario-based money services business, was fined $8,450 for failing to: have a written compliance plan; undertake a risk assessment for a compliance plan; train employees on anti-money laundering; report electronic funds transfers to FINTRAC; and [...]
The U.S. federal regulatory agency, Financial Crimes Enforcement Network (FinCEN), is proposing amendments to the Bank Secrecy Act regulations that would regulate prepaid cards and similar devices in the U.S. The proposal covers plastic cards, mobile phones, electronic serial numbers, key fobs and mechanisms that provide a portal to funds that have been paid for [...]
FINTRAC has fined Bharat Money Exchange Ltd., located in Surrey, British Columbia, $36,100 for numerous violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act for operating a money services business without registering with FINTRAC or filing appropriate reports. Bharat was also fined for numerous failures flowing from its unregistered status, including failure to [...]