Worldecr | Canada strengthens anti-money laundering rules
Home > information > Canada strengthens anti-money laundering rules through upcoming regulatory changes Canada will begin implementing new regulatory amendments on April 1 to strengthen its anti-monetary money laundering framework, including allowing provincial and territorial civil confiscation offices to obtain financial intelligence disclosures from the country's financial intelligence agencies. On March 7, the Canadian Ministry of Finance said the amendments were designed to combat money laundering related to transnational crime and drug trafficking, especially fentanyl Irving Canada's Border Plan and the recently announced Canadian-U.S. United States strike forces to combat organized crime. "The Canadian government is committed to maintaining a strong anti-money laundering and anti-terrorism financing framework to maintain the integrity of the Canadian financial system," said Finance Minister Dominic Leblanc. "These amendments will ensure that we remain effective and agile in combating financial crime and prevent organized criminal groups from using any avenues to fund their illegal, deadly drug trafficking operations." These measures include strengthening the authorities of the…
Worldecr | Spanish police demolish money laundering in Russia
According to the Ministry of Interior, Spanish authorities have arrested 14 members of the Russian money laundering network and five people have violated chemical export sanctions against Russia in two separate operations. According to a notice released on February 19, the National Police and Europol dismantled a complex Russian mafia network that laundered money for various criminal organizations, “millions of euros per month”, with the allegations involving two percent of the charges. to 3% of the committee. "The organization deployed a highly professional method of committing crimes that had never been seen before, acting like a real multinational money laundering company," the ministry said. It operates through a network of “cache holders” in different cities in Spain, which process 300,000 euros of cash transactions per day. Each cashier is equipped with a safe and high-capacity currency counter that is set up in soundproof cabinets. The investigation began in 2023 and resulted in 14 arrests and nine raids in Madrid, Malaga,…
Regulate banks’ anti-money laundering software to maximize compliance
Discover the complete guide to banking anti-money laundering software and study how it can assist in maximizing regulatory measures in advanced ways. Also Read: Payment Card Reader Integration with Online Banking Platforms Bank anti-money laundering (AML) software has become a practical solution for detecting and preventing financial crime. The global anti-money laundering software market has grown significantly, with revenue increasing compared to previous years. The market expanded steadily in 2016 and 2017, with global revenue expected to reach approximately $1.77 billion by 2023. This surge reflects growing regulatory requirements in the banking industry and the need for advanced solutions to combat money laundering. What is anti-money laundering compliance software? Anti-money laundering compliance software is an enhanced approach that helps businesses and businesses identify financial fraud occurring in their institutions. It involves entities recognized by government agencies, such as insurance agencies and financial services institutions. It is used to expose violations related to illegal activities, such as terrorist financing and money…
How to choose the right anti-money laundering software for your bank?
Learn the key factors in selecting the best AML software for banks. Learn how to protect your institution from fines and regulatory penalties using effective compliance and risk management tools. Over the past decade, from 2013 to 2023, more than 16,000 entities worldwide have been penalized by regulators. Establishing business relationships with sanctioned persons, non-compliance with anti-money laundering laws, money laundering, drug trafficking, and other financial frauds are the main reasons for these fines and penalties. Despite the huge fines and penalties, more than 90% of money laundering crimes go undetected. Are criminals smarter or are AML software unable to detect these crimes in real time? Whatever the reason, advanced, accurate and efficient Anti-money laundering software for banking Every suspicious transaction can be detected in real time. Therefore, it is necessary to choose an anti-money laundering solution suitable for the bank. Is there any protocol that every bank and financial institution must follow while choosing AML compliance software for their…
Explore the latest exhibition information and industry trends at ASAP Expo Magazine. Your one-stop platform, bringing together global exhibition highlights, industry trends and in-depth analysis, to help companies accurately connect with the market and seize business opportunities.
