China to issue guidance for light online payment solutions to preserve emerging FinTech

The Government of China has announced that it is issuing legal guidance to lightly regulate online payment systems, what it terms as “internet finance.” The guidance will be prepared by the People’s Bank of Canada and will contemplate a regulatory framework for governance. The impetus for developing guidance is driven by the explosive growth in [...]

Bitcoin in Amsterdam

We are participating in three exciting sessions on digital currencies (and Bitcoin) in Amsterdam this month for those interested in joining: At the Bitcoin Foundation Conference on May 16, 2014 on a panel discussing anti-money laundering chaired by Adam Shapiro, Director of Promontory Financial Group with: Dirk Haubrich, Head of Consumer Protection and Financial Innovation [...]

Canada still a “major money laundering country” in 2013 International Narcotics Control Strategy Report on AML

The 2013 International Narcotics Control Strategy Report (“INCSR“) published this month by the U.S. Department of State, particularly volume I on the drug trafficking trade, is more favourable of Canada than the last two years, primarily as a result of the enactment in Canada of the Omnibus Crime Bill C-10, know as the Safe Streets and [...]

How cell phones, tweets & Internet banking are used by cyber criminals to steal your money

The cyber crime problem As more consumers use the Internet to complete financial transactions, the threat of various forms of cyber crime is  likewise increasing. Those forms include  identity theft,  bank account hijacks, ATM skimming, POS data thefts, and credit/debit card account theft. Victims of financial cyber crime are often financially wiped out and in [...]

FATF Releases New Recommendations and Standards for Anti-Money Laundering and Counter Terrorist Financing

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 [...]

Canada proposes further anti-money laundering amendments

The Canadian government announced that it is undertaking a potentially significant revision to its anti-money laundering (AML) and counter terrorist financing (CTF) regime. The proposed changes are in addition to those proposed by the government in November 2011. In its Consultation Paper entitled “Strengthening Canada’s Anti-Money Laundering and Anti-Terrorist Financing Regime”, the government is proposing [...]

Details of indictment against principals of PokerStars, Full Tilt Poker and Absolute Poker

The indictment in the U.S. against eleven people associated with PokerStars, Full Tilt Poker and Absolute Poker, including Canadians Isai Scheinberg, Nelson Burtnick and Ryan Lang, has been made public.

Prepaid access and stored value cards used for money laundering

  According to the most recent information available, stored value cards (or prepaid access) are often used for money laundering and terrorist financing activities. Stored value cards can be used like currency except that they have certain characteristics that make them attractive to criminals – they are: accepted worldwide; reusable and re-loadable; essentially anonymous; untraceable; [...]

FINTRAC participating in FATF study on new payment methods

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 [...]