Tweet 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 […]
Tweet 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; […]
Tweet Canada needs to improve its anti-money laundering efforts in several areas, according to the 2010 Money Laundering Report published by the U.S. Department of State. Canada was among 61 countries identified as major money laundering countries in 2009. Others include Afghanistan, Austria, Brazil, Cayman Islands, China, Greece, India, Iran, Italy, Lebanon, Lichtenstein, Mexico, Pakistan, […]
Tweet 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 […]