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IMLIT Canada charges 2 individuals and a company in a $40M cross-border ML scheme, uncovering a complex fraud network involving UAE funds, shell companies, and MSB operations 

by Jyotsna Bucktowar | Jun 30, 2025

Operating a money service business in Calgary and Vancouver, the accused—Kevin Sarrafi, who was arrested, and Saba Sarrafi, now subject to a Canada-wide warrant—allegedly used shell companies and third-party bank accounts to conceal the origins of illicit funds and...

FINTRAC fines Crystal Currency Exchange US$348K for serious AML/CFT violations, including failure to file STRs, report large fund transfers, and implement key compliance controls

by Jyotsna Bucktowar | Jun 7, 2025

The MSB failed to submit required suspicious transaction reports, report large cash transactions and electronic funds transfers, appoint a compliance officer, and maintain up-to-date compliance policies and training programs, among other violations. This enforcement...

Canada strengthens its AML Framework with new reporting requirements, expanded AML/CTF obligations, increased intelligence sharing and tighter border controls 

by Jyotsna Bucktowar | Mar 7, 2025

New regulatory measures will bolster Canada Border Services Agency’s powers to combat trade-based financial crime, establish a framework for private institutions to share information on ML/TF and sanctions evasion, require reporting of discrepancies between private...

ICIJ reports that a Canadian businessman, previously investigated in the Pandora Papers, has been sentenced to a U.S. prison for attempting to conceal over $40 million in cryptocurrency

by Jyotsna Bucktowar | Feb 11, 2025

Patel, founder of Payza, ran a platform that allegedly facilitated criminal activities, including Ponzi schemes and illicit sales. Despite claiming minimal assets during his 2020 sentencing Patel secretly amassed 450 bitcoin in a Binance wallet before moving it to a...

Canada Federal Financial Crime Team indicts B.C. resident in connection to $47m interprovincial ML scheme

by Jyotsna Bucktowar | Jan 30, 2025

Between September 2018 and August 2020, 30-year-old Harry Seo of Burnaby, B.C., is alleged to have laundered proceeds of crime via online transactions of illicit cannabis in Alberta and British Columbia. He is one of a total of seven individuals who have been charged...
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  • Europol’s latest podcast warns that AI is accelerating organised crime via deepfakes, cyberattacks, and disinformation, urging law enforcement to adopt AI-powered tools

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