Money Services Businesses
RCMP Integrated Money Laundering Investigative Team charge Money Services Business owner November 12, 2021 Toronto, Ontario News release The Royal Canadian Mounted Police (RCMP) Greater Toronto Area (GTA), Integrated Money Laundering Investigative Team (IMLIT) charged Nishanthan Gunapalan (38) of Markham, Ontario with 4 counts of knowingly providing false or misleading information, contrary to the Proceeds of […]
MSB registration eligibility changes Recently, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) was modified to further tighten and define the criteria of who is ineligible to register as a money services business (MSB) and a Foreign MSB with FINTRAC. Please consult our web page on Who is […]
CBUAE issues new guidance to registered hawala providers and licensed financial institutions providing services to registered hawala providers Abu Dhabi (18 August 2021): The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) to Registered Hawala Providers (RHP) […]
FINTRAC imposes an administrative monetary penalty on Sokhom Ung, operating as Bureau de change Saint-Michel FINTRAC announced today that it has imposed an administrative monetary penalty on Sokhom Ung, also operating as Bureau de Change Saint-Michel. This money services business in Montréal, Quebec, was imposed an administrative monetary penalty of […]
From today’s CMP assessment of $60,000,000 on Larry Dean Harmon: IV. CIVIL MONEY PENALTYFinCEN determined that Mr. Harmon, in his roles with Helix and Coin Ninja, willfully violated the BSA and its implementing regulations, as described in this ASSESSMENT and Attachment A, and that grounds exist to assess a civil […]
AUSTRAC launches campaign against illegal money transfer dealers 27 Aug 2019 AUSTRAC has launched a campaign targeting illegal money transfer dealers. Money transfer dealers that have not registered with AUSTRAC and are operating illegally are at a high risk of having their services abused by criminals groups and do not […]
FinCEN Penalizes Peer-to-Peer Virtual Currency Exchanger for Violations of Anti-Money Laundering Laws Immediate Release April 18, 2019 WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against Eric Powers for willfully violating the Bank Secrecy Act’s (BSA) registration, program, and reporting requirements. Mr. Powers failed to register as a […]
The Monetary Authority of Singapore (MAS) has issued a consultation paper for its proposed changes for money services businesses: Firms would be prohibited from issuing bearer instruments such as cashier’s checks in any currency Firms would be required to disburse funds using non-cash instruments for payouts greater than 20,000 SGD […]
FOR IMMEDIATE RELEASE CONTACT: Steve Hudak July 26, 2017 703-905-3770 FinCEN Fines BTC-e Virtual Currency Exchange $110 Million for Facilitating Ransomware, Dark Net Drug Sales Treasury’s First Action Against a Foreign-Located Money Services Business WASHINGTON—The Financial Crimes Enforcement Network (FinCEN), working in coordination with the U.S. Attorney’s Office for […]
Draft amendments to the AML/CTF Rules available for consultation 12 January 2017 These draft amendments to Chapter 59 implement a recommendation of the Post-Implementation Review of Chapters 58 and 59, allow the AUSTRAC CEO to suspend a remitter’s registration without prior notice, delegate the AUSTRAC CEO’s responsibility for considering matters […]
Mr. Watchlist 