Canada's top financial intelligence agency intends to work more closely with its counterparts abroad and investigators at home to identify money launderers, according to Gérald Cossette, the group's new director.
Canadian compliance officers at banks and non-bank institutions are bracing themselves for broad changes to their anti-money laundering obligations ahead of the country's next evaluation by an international watchdog group.
The U.S. government's landmark case against HSBC Holdings Plc for knowingly turning a blind eye to financial crime is seemingly fated to end much as it began: complex and messy.
The findings of a pending report by Canadian lawmakers will likely spur reforms of the nation's financial intelligence unit and new anti-money laundering rules for non-financial institutions, say sources.
Financial institutions in Canada will be required to strengthen their due diligence controls and report all cross-border transactions, under draft rules proposed by the country's Department of Finance Wednesday.
A U.S. Treasury Department proposal to sharply increase bank reporting of cross-border transactions would diminish the number of structuring cases prosecuted by the United States.
A U.S. Treasury Department plan to increase reporting on cross-border transactions would allow federal regulators and investigators to more easily detect unregistered money remitters - if they can sift through the data.
Banks will be required to report all cross-border fund transmittal orders to the U.S. Treasury Department within five days, under the terms of proposed regulation released Monday. Under the proposal, money service business must report transactions of $1,000 or more.
An interim agreement allowing U.S. investigators continued access to European financial data in terrorism cases will likely be ratified in February by a skeptical EU Parliament, according to EU officials.
Canada's financial intelligence unit issued its largest monetary penalty to date in a week when U.S. bank regulators called on financial institutions to be more transparent in their cross-border transactions.
In the world of financial compliance, Canada "talks a good game" but does little to enforce counter-terrorism financing and anti-money laundering regulations, according to Chris Mathers, a Toronto-based consultant.
The United Nations Tuesday released its finalized recommendations on how member states should draft legislation to combat money laundering and terrorist financing, including provisions to seize criminal assets.
For all of the concern over the money laundering risks associated with cover payments and cross-border transactions, there is a simple solution: more transparency, according to an anti-money laundering compliance director.
Money services business advocates have been lobbying for state and federal regulators to give guidance on how to deal with unlicensed currency transmitters in Brazil, an effort they say is now paying off.
Canada's financial intelligence unit, which has been criticized for failing to effectively enforce the nation's anti-money laundering laws, is being new granted powers to levy money penalties against offending institutions.
Canadian authorities charged a Sri Lankan-born man with raising funds for a terrorist organization, marking the first time Canada has charged an individual with the crime.
The Canadian government is broadening the scope of its anti-money laundering and anti-terrorist financing reporting requirements in the real estate and casino industries in a bid to bring the country's regime in line with international standards.
The Canadian government has published final rules extending the country's anti-money laundering and anti-terrorist financing laws to certain notaries, jewelers and the legal profession. The new rules also outline penalty guidelines for money laundering violations.
Mexican authorities took Mario Villanueva Madrid into custody June 21 as he left prison after completing a six-year sentence on a money laundering conviction. Villanueva, the former mayor of Mexicos Quintana Roo state, is wanted in New York on drug trafficking and money laundering charges.
The Canadian Department of Finance said the changes are designed to bring the countrys AML regime in line with the international standards set forth by the Financial Action Task Force.